Rajasthan, November 23: Telecom operator Bharti Airtel has launched its Payments Bank pilot, becoming the first among Payments Bank licensees to go live. Around 10,000 Airtel retail outlets in Rajasthan will operate as banking points, allowing customers to open Payments Bank accounts, and deposit and withdraw cash. The pilot is aimed at testing systems and processes ahead of a full scale pan Indian launch.
A Customer can open an account by visiting a designated Airtel retail outlet in his/her neighborhood. No documents are required. Only the customer’s Aadhaar number is needed for opening an account. The account will be opened through a paperless process within minutes through Aadhaar based e-KYC authentication.
The customer’s Airtel mobile number will be his or her bank account number. The company is offering an interest rate of 7.25% per annum on savings account deposits. Accounts can only hold Rs 100,000 as of now.
It will enable money transfer to any bank account in India, including free money transfer from Airtel to Airtel numbers within Airtel Bank. The account will also come with a free personal Accidental Insurance of Rs. 1 Lac.
It intends to expand the network of merchants across Rajasthan who accept digital payments to 100,000 by the end of this year. Airtel has a retail distribution network of over 1.5 million retail outlets across India. Payments banks are required to have at least 25% of physical access points in rural centres. Payments banks are similar to regular banks, except that they are to be used for making transactions only and not for giving loans etc.
A wide network of merchants across Rajasthan will accept digital payments from the bank from day one, it added. At these places, you can pay money using your app or USSD.The company plans to leverage Bharti Airtel’s extensive national distribution network of over 1.5 million retail outlets, with deep penetration in rural areas.