Airtel Payments Bank has been categorised as scheduled bank by the Reserve Bank of India (RBI), paving the way for it to pitch for government business.
With this, Airtel Payments bank can now pitch for government-issued Requests for Proposals (RFP) and primary auctions and undertake both Central and State Government business besides participating in government-operated welfare schemes.
Airtel Payments Bank has a base of 115 million users. The bank turned profitable in the quarter ended September’21. It offers a diverse suite of digital solutions through the Airtel Thanks app and a retail network of over 500,000 neighbourhood banking points.
Anubrata Biswas, MD and CEO of Airtel Payments Bank, said “This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank. We are thankful to the Reserve Bank of India for adding us to the list of Scheduled Banks.”
Airtel Payments Bank offers a complete end to end digital banking solution.
Customers can open an Airtel Payments Bank account within a few minutes with a video call from the Airtel Thanks app. The bank offers a digital savings program - Rewards123, which gives more value to customers when they transact digitally using the account. Furthermore, customers can easily enable Airtel Safe Pay, which is being touted as India's safest way of making digital payments.