Airtel PAyments BAnk
The country’s leading mobile phone operator, Bharti Airtel, has launched Airtel Payments Bank in all the 29 states of India. It promises to be a paperless and simple-to-use bank, with the user's registered Airtel mobile number doubling up as the account number. To register for Airtel Payments Bank, one has to submit one's Aadhaar card number and the biometric (fingerprint) scan for authentication. Airtel has over a 250,000 banking points (Airtel retail stores) where one can deposit and withdraw money. While there is an app in place, Airtel is not restricting it to smartphones. Feature phone users can also access Payments Bank service through USSD and IVR in 12 languages. They can check the last few transactions, transfer funds and much more. Airtel also plans to enable a virtual debit card for its Payments Bank.
Airtel Payments Bank will not charge any processing fee from its customers and merchant partners for digital transactions. It will offer customers an interest rate of 7.25 per cent per annum on deposits in savings accounts. Airtel also plans to offer one minute of Airtel mobile talk time for every rupee deposited at the time of opening a savings account. One will also receive free personal accidental insurance of Rs 1 lakh with every savings account opened.