The Reserve Bank of India (RBI) today imposed a fine of Rs 5 crore on Airtel Payments Bank Limited for breaking the Know Your Customer (KYC) guidelines. “It is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers,” stated RBI. This will come as a massive blow for Airtel Payments Bank unit, and it's unknown at the moment when... Read More
Airtel Payments Bank has reportedly removed nearly 1,000 retailers from its network chain for not following the correct procedure while signing up customers. Airtel has conducted an internal investigation to minimise such errors in the future. For the unaware, Airtel recently received a temporary eKYC license suspension for opening Airtel Payments Bank account of customers without their notice. People familiar with the matter told Economic Times that Airtel "levied a... Read More
For the past two weeks or so, Bharti Airtel made the headlines due to the Airtel Payments Bank account opening issue without customer's knowledge. In fact, Aadhaar body UIDAI also suspended the eKYC license of Airtel. However, the telecom operator received back the license very quickly, although for a temporary period until January 10, 2018. UIDAI is yet to release the eKYC license of Airtel Payments Bank though. Airtel was... Read More
India's leading telecom operator, Bharti Airtel, earlier this year forayed into the banking sector by announcing India's first Payments Bank service, the Airtel Payments Bank. Currently, Airtel Payments Bank has more than one million merchants on board. Recently, Airtel Payments Bank has integrated Unified Payment Interface (UPI). Doing so, Airtel Payments Bank became the first payments bank in the country to offer UPI services. Airtel Payments Bank currently has over... Read More
Payments banks are predicted to change our country's poor banking system in coming days. As majority of payments bank license, approved by Reserve Bank of India are directly or indirectly related to Telecom industries, it can be assumed that India's telecom industry can be a partner in changing the banking landscape, or banking system can be revamped by telecom majors-owned, stripped down version of conventional banks, which are in turn... Read More
In the last one year or so, the word Payments Bank is hitting everyone's mouth across the country. Back in August 2015, Reserve Bank of India (RBI) approved 11 applicants to open the Payments Bank service in India. And the major ones among the list are Airtel, India Post, Paytm, Aditya Birla Nuvo LTD, Vodafone m-Pesa, Reliance Industries LTD. [youtube https://www.youtube.com/watch?v=MIlzO5jpRCU] All the major telecom operators in the country are... Read More
Bharti Airtel, the country’s largest telecom operator, has announced a strategic partnership with Ola, the transportation service to offer a wide-range of digital services to customers. Both Airtel and Ola’s applications will now provide a comprehensive ecosystem to address the country’s growing mobility needs. “Ola will leverage Airtel’s integrated suite of enterprise services to power its operations, while Airtel will leverage Ola’s vast network of hundreds and thousands of driver... Read More
India’s first payments Bank, Airtel Payments Bank has announced that the company has opened over one lakh (1,00,000) savings accounts in Madhya Pradesh. Airtel said that approximately 70 percent of these accounts had been opened in rural areas. The telco commenced the Airtel Payments Bank operations back in January 2017. Airtel Payments Bank has been successful in most of the areas ever since its inception and Airtel has converted all... Read More
India's first payments Bank, Airtel Payments Bank today announced that they had enabled 100 villages across Tamil Nadu to go cashless as part of its endeavour to take its banking services deep into rural/unbanked areas and contribute to financial inclusion in the country. All the 100 villages will now have access to essential banking services and the option of making digital payments, making them less reliant on cash. Every village... Read More
India's first payments Bank, Airtel Payments Bank owned and managed by Bharti Airtel, today announced that its customers could make digital payments at all Spencer's retails outlets across 35 cities/towns in India. Of late, Airtel has been working hard on adding new merchants to its digital payment ecosystem, which already has over one million merchants. Airtel Payments Bank customers will enjoy 10 percent cash back on all digital payments for... Read More
Airtel Payments Bank has helped 200 villages in India to go digital, according to a release by Airtel. These 200 villages now get access to basic banking services and options to do digital transactions, making them less reliant on cash. Airtel will continue to expand its Payment Bank services to 5000 villages soon. The service provider has not announced any timeframe to achieve the same. “We are fully committed to... Read More
Within two weeks of launch, Airtel Payments Bank has gained one lakh savings bank accounts in the state of Uttar Pradesh, according to Bharti Airtel. Around 60% of these savings accounts are opened in rural areas. In Uttar Pradesh, around 12,000 Airtel retail outlets serve as Payments Banks. Commenting on the milestone achieved in Uttar Pradesh, Shashi Arora, MD & CEO, Airtel Payments Bank said, “We are delighted with the... Read More
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