Airtel M-Commerce Services renamed Airtel Payment Bank
03 May 2016
Airtel M-Commerce Services Ltd, a subsidiary of Bharti Airtel, has been renamed as Airtel Payments Bank after it won approvals from all concerned authorities. The company is planning to start rolling out its banking network in the second quarter of the current financial year.
On 11 April 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India.
''The new identity reflects our strong focus on the payments bank segment and our commitment to the Government's vision of financial inclusion and banking services for every citizen. With Airtel's deep distribution network that touches every corner of the country, we believe that Airtel Payments Bank is uniquely placed to deliver quality banking services to customers by leveraging the power of mobile telephony,'' Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel said.
Airtel Payments Bank (which began operations in 2011 as Airtel M-Commerce Services) currently provides money transfer services and semi-closed wallet services (Airtel Money). The company has presence in 800 plus towns across India.
The company plans to leverage Bharti Airtel's national distribution network, which is spread across 1.5 million outlets with network presence in 5,126 census and 464,361 non-census towns and villages in India covering approximately 87% of the country's population.
Kotak Mahindra Bank has acquired 19.90 per cent stake in Airtel Payments Bank for about Rs 98.8 crore.