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Will bring millions unbanked into banking folds: Airtel

By Religare
|

Bharti Airtel said the payments bank licence will help in bringing millions of unbanked Indians into the folds of banking services, said the media reports.

Airtel's wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) has been granted the approval for payments bank by the RBI.

"We thank the Reserve Bank of India for granting the payments bank licence to Airtel M Commerce Services Limited. We are confident that this move will play a pivotal role in bringing millions of unbanked Indians into the folds of banking," an Airtel spokesperson said in a statement.

 

The statement added that Airtel looks forward to contributing in a meaningful way and further the government's larger financial inclusion agenda.

Airtel Money, launched in 2011, was the first mobile based pre-paid payment instrument service in the country.

The company had earlier said that it has deep and wide distribution reach especially in rural and remote parts of the country with a network of over 1.4 million retail points.

Story first published: Thursday, August 20, 2015, 9:10 [IST]
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