Airtel Payments Bank is a public limited company with its headquarters in New Delhi, India. The company is a subsidiary of Bharti Airtel. It is the first company in India to receive a payments bank license from the Reserve Bank of India (RBI) and it became the first live payments bank in the country. On April 11, 2016 the Reserve Bank of India issued the license under Section 22 (1) of Banking Regulation Act, 1949 to Airtel Payments Bank. Airtel Payments Bank is a joint venture between Bharti Airtel Ltd. and Kotak Mahindra Bank Ltd.. Kotak Mahindra Bank holds 19.9% stake in the Airtel Payments Bank.
Video Airtel Payments Bank
History
In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up payments bank under the guidelines for Licensing of Payments Bank. Airtel was one of them, and it launched Airtel Payments Bank in September 2016. Airtel's first payments bank went live with its pilot project in Rajasthan in November 2016.
Maps Airtel Payments Bank
AirTel Money
AirTel Money is a digital wallet by AirTel Payment Bank that allows users to make payments using "My Airtel app" or USSD . Airtel mobile number is the account number of the wallet, so Airtel mobile number is mandatory to use the service.
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Airtel Payments Bank and Bharti Axa Life Insurance have started to provide government's insurance plan Pradhan Mantri Jeevan Jyoti Bima Yojana in August 2018.
Legal challenges
The Unique Identification Authority of India (UIDAI) suspended Bharti Airtel and Airtel Payment Bank's licence for eKYC of Aadhar on 16 December 2017, following complaints from customers that their accounts were being opened without their consent. Some even received their LPG subsidies in their Airtel Payment Bank accounts. However, on July 12, 2018, Airtel Payments Bank received requisite approvals from the Reserved Bank of India and Unique Identification Authority of India (UIDAI) to resume on-boarding new customers using of Aadhaar based e-KYC.
Investment
The bank's capital at its establishment was INR3,000 crore ($441 million). Airtel Payments Bank reported deposits of Rs 68.33 crore at the end of the financial year ended 31 March 2017, which was its first year of operation.
Awards
- IAMAI 7th India Digital Awards for Money Transfer Programme 2017
- Asian Banker Risk Management Award 2018
References
Source of article : Wikipedia