Bharti Airtel First Entity To Get Payments Bank Licence From RBI

India leading telecom company Bharti Airtel received its payment bank license that is had applied for in partnership with Kotak Mahindra Bank, a move that will help the companies take Indian government’s financial inclusion plans to the next level. Bharti Airtel and Kotak Mahindra had applied for the payment bank licence through AMSL, which launched Airtel Money in 2011.

Airtel Money was the first mobile based pre-paid payment instrument service in the country and it empowers millions across India to leverage their mobile phones as a secure way for making payments and transferring money. The payment banks will cater to the needs of small savings accounts, remittance services, low income households, small businesses and other unorganised sector entities.

About Payment bank:

The goal behind creating these payment banks is to bring about financial inclusion, by making it easier for anyone to get a bank account. That’s also why the cash limit in the accounts is set to just Rs. 1 lakh – it might seem like a very low limit to most people reading this, but if you’re typically outside the banking system, then it is a fairly comfortable amount. The real effect will come to remittances within the country, as it will become easier for people to send money home to smaller towns and villages while working in the city.

Extra info:
1. Kotak had picked up 19.9 percent stake in Airtel M Commerce, for Rs.98.4 crore in February.
2. Airtel M Commerce Service Limited (AMSL)
3. Kotak Mahindra Bank MD – Uday Kotak
4. Bharti Airtel CEO Gopal Vittal

So lets do:
1. Expand the AMSL ?
2. Who is the MD of Kotak Mahindra Bank?
3. Who is the CEO of Bharti Airtel?
4. Bharti Airtel, Kotak joint venture gets___________ licence.

Source – Business Standard


Download success!

Thanks for downloading the guide. For similar guides, free study material, quizzes, videos and job alerts you can download the Adda247 app from play store.


Leave a comment

Your email address will not be published. Required fields are marked *