RBI approves Airtel Payments Bank as Scheduled Bank
By MYBRANDBOOK
The Reserve Bank of India said it has included Airtel Payment Bank in the 'Second Schedule to the Reserve Bank of India Act, 1934'.
Airtel Payments Bank can now pitch for government-issued Requests for Proposals (RFPs) and primary auctions and undertake both central and state government business, along with participating in government-operated welfare schemes.
The products are user-need focussed and designed to bring millions of users into the extent of digital inclusion. Its digital banking solutions allow users to open a bank account in five minutes using video KYC, make secure payments using Safe Pay and get benefits with the 'Rewards123' programme.
Anubrata Biswas, MD & CEO, Airtel Payments Bank said, “This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank. We are thankful to the Reserve Bank of India for adding us to the list of Scheduled Banks.”
Airtel Payments Bank is able to offer its solutions to both the urban digital and the rural underbanked customer. It has one of the largest retail networks with over 500,000 neighbourhood banking points.
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