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Airtel Payments Bank Rolls out a Pilot of its Banking Services in Rajasthan, will offer Interest Rate of 7.25 Percent per annum on Deposits in Savings Accounts

Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account

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New Delhi/Jaipur, November 23, 2016: Aimed at testing systems and processes ahead of a full-scale pan-India launch, Airtel Payments Bank has rolled out a pilot of its banking services in Rajasthan, a company statement said here on Wednesday.

Airtel Payments Bank is a subsidiary of Bharti Airtel. The bank will offer interest rate of 7.25 per cent per annum on deposits in savings accounts.

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The company said customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets, which will also act as Airtel banking points and offer a range of basic banking services.

“With this, Airtel Bank becomes the first payments bank in the country to go live. Airtel Bank will commence the pilot with banking points at 10,000 Airtel retail outlets (in Rajasthan),” the statement added.

[bctt tweet=”Customers in towns and villages across Rajasthan will now be able to open bank accounts at Airtel retail outlets.” username=””]

At a time when the country is grappling with the demonetisation drive, the company said a wide network of merchants (sellers/shops) across Rajasthan will accept digital payments from Airtel Payments Bank from day one. It will offer customers the convenience of cashless purchase of goods and services through their mobile phones in a quick and secure manner.

“Airtel Bank plans to expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem,” the statement added.

On April 11, 2016, Airtel Payments Bank (which began operations in 2011 as Airtel M-Commerce Services) received a payments bank licence from the Reserve Bank of India. Kotak Mahindra Bank has acquired 19.90 percent stake in Airtel Payments Bank for around Rs 98.8 crore in February 2016.

“Airtel Payments Bank will play an important role in taking banking services to the last mile in a quick and efficient manner and benefit millions of unbanked citizens of this country. With this pilot, we have taken a big step towards the launch of our banking services and will be testing our operational readiness for full-scale launch across India,” said Shashi Arora, MD & CEO, Airtel Payments Bank.

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The payment banks will cater to the needs of small savings accounts, remittance services, low income households, small businesses and other unorganised sector entities.

“This initiative, perfectly in sync with Prime Minister’s vision for financial inclusion and Digital India, will be a boon to residents in far flung areas who are yet to have access to formal banking. I look forward to Airtel reaching every corner of Rajasthan,” said Rajasthan Chief Minister Vasundhara Raje.

Airtel Payments’ Bank’s services can be accessed by Airtel customers on their mobile phones through the Airtel Money app.

Highlights about the bank:

** Anyone (non-Airtel customers also) with an Aadhaar card can open a Savings Account

** Customer’s Airtel mobile number will be his/her bank account number

** Personal Accidental Insurance of Rs 1 lakh with every Savings Account

** Customer can open an account by visiting a designated Airtel retail outlet in his/her neighbourhood

** Airtel Bank does not offer ATM/Debit Card facility, at present. Customers can deposit withdraw cash at any of the designated Airtel retail outlets

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** Airtel Bank is a paperless bank. Customers can check their account balance, access other services using Airtel Money app, Unstructured Supplementary Service Data (USSD) or Interactive voice response over their mobile phones

** Customers can access money transfer services using the Airtel Money app or through USSD by dialing *400#. Money transfers from one Airtel number to another Airtel number within the bank will be free. (IANS)

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  • Ruchika Kumari

    Sounds interesting…..Hope this gonna help rural people for opening a savings account

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Rahul Gandhi Hints Rajasthan CM Issue Sorted

Pilot reportedly has put up a strong claim to the post on the ground that he had galvanised the party after the defeat in 2013, when he was appointed the state party chief

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Rahul Gandhi
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In a sign that the leadership question in Rajasthan has been settled, Congress President Rahul Gandhi on Friday posted his photograph with Ashok Gehlot and Sachin Pilot, both contenders for the Chief Minister’s post, as party sources hinted that Gehlot could be the party’s choice for the top post.

The photograph of the smiling leaders had a caption “United Colours of Rajasthan!”, without giving any hint as to who will be the Chief Minister. An official announcement is expected in the evening.

Gandhi’s tweet capped hectic consultations with Gehlot, who appears set to return as Chief Minister in Rajasthan, and state Congress chief Sachin Pilot, who put up his claim strongly.

Gehlot, a two-time Chief Minister, and Pilot reached Gandhi’s residence within minutes of each other on Friday. A decision is expected to be announced on Friday.

Ahead of the meeting, Gehlot took a veiled dig at Pilot saying that the party unit had already left the decision on Gandhi and it was not the time to express individual choices.

“We have given the duty to the High Command. Let it decide who is to be given what responsibility. If I say my choice is this, it is not time for that. The time is to strengthen the Congress, see how its graph goes up.

“If Congress is strong, everyone will be empowered and we prove to be useful in meeting the objectives of the 2019 elections. This alone should be our thinking,” Gehlot said.

He said a resolution had been passed by newly elected MLAs in Rajasthan authorising the High Command to take a decision.

“Whether it is Rajasthan, Madhya Pradesh or Chhattisgarh, once a resolution is passed, the decision of the Congress President should be acceptable to all. This is what our workres, MLAs and people expect,” he said.

Rahul Gandhi becomes the president of Congress as mother Sonia Gandhi Steps Down
Rahul hints Rajasthan CM issue settled.

He said winning elections in the three Hindi heartland states was a big achievement and that it all started with a strong performance of the Congress in Gujarat under Gandhi’s leadership.

“(Prime Minister Narendra) Modi and (BJP President) Amit Shah have lost their aura. They have not been able to recover due to which we won elections in the three states,” he said.

Gehlot had played an active role in formulating the party’s campaign strategy in Gujarat.

Both Pilot and Gehlot had separate meetings with Gandhi on Thursday.

The meetings came hours after the leadership issue was settled in Madhya Pradesh, with Gandhi tweeting his picture with Kamal Nath and Jyotiraditya Scindia, who were both chief ministerial aspirants.

The picture — akin to the one on Friday — carried the line “The two most powerful warriors are patience and time – Leo Tolstoy.”

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Party sources said Rahul Gandhi was keen to give a similar message for Rajasthan as well.

Both in Rajasthan and Madhya Pradesh, the Congress missed the majority mark by two seats and is now dependent on external legislative support.

Pilot, who stayed put in Delhi on Thursday, appealed to party workers to maintain peace and that he would welcome any decision taken by the party.

Pilot reportedly has put up a strong claim to the post on the ground that he had galvanised the party after the defeat in 2013, when he was appointed the state party chief. (IANS)