Airtel Payments Bank: What You Need to Know
Following the recent move of demonetization in India, Bharti Airtel has initiated the process of launching a new model of banks called Payments banks which is conceptualized by the Reserve Bank of India (RBI). Airtel has named its project as Airtel Payments Bank and has rolled out pilot operations in Rajasthan with an aim to extend its existing network in the state by 1,00,000 towards the end of the year and cover other parts of the country as well. Consequently this will lead to the strengthening of a digital payment eco-system throughout the country.
Payment Banks is a new banking concept that is designed to offer convenience and facility of digitized transactions to customers. As far as deposits are concerned, Payment Banks can accept a restricted deposit of not more than INR 1 lakh per customer account. Payment Banks do not offer the facility of loans or credit cards. Airtel is the first company to have received a Payment Bank license from the RBI and simultaneously the first one to launch live payments bank in India.
Areas Covered – Features & Services of Payment Banking by Airtel
Customers across the towns and villages in Rajasthan will now be able to open new bank accounts at any of the 10,000 Airtel retail outlets in the state.
Another major feature of the service is that the customer will be able to have his mobile number as his / her bank account number. The company is offering an annual interest of 7.25 percent on savings account deposits which makes it the highest return in the present time as compared to other lenders that offer not more than 4%.
Initially the company will not be issuing ATM or debit cards and will allow only cash withdrawal facilities at Airtel retail outlets. This will double as banking points.
A free personal accident cover of INR 1 lakh will also be provided to a savings bank account holder
Bank account with Airtel will be fully paperless and digital. Even the account opening will be done on Aadhaar-based eKYC.
Small savings accounts, remittance services, low income households, small businesses and other unorganized sectors will benefit from this service.
Free money transfer from Airtel to Airtel numbers within Airtel bank. Other services include money transfer to any bank in India.
Airtel Payment banking will ease the burden of cash transactions and quick online purchasing of goods will be encouraged.
Payment Bank – Airtel – Information on usage
Payment banking of Airtel will be done through mobile app. Users can dial *400# and access Airtel’s bank services. Alternatively they can also use an interactive voice response system by dialing 400. There are USSD and IVR options available in Hindi and English languages.
The MD & CEO of Airtel Payments Bank, Shashi Arora explained in one of the official announcements that Airtel Payments Bank is committed to the Government’s vision of financial inclusion and banking for all. “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” added Arora.
Airtel online mobile recharge
Airtel users in Rajasthan can cherish the gift of Payment Banking while also avail quick and easy Airtel mobile top up online. For cashless online mobile recharging JustRechargeIt.com or JRI is a 24×7 online platform that gives you instant recharging from the screen of your mobile phone. Just logon to the website and follow basic instructions to get Airtel prepaid recharge in seconds. Download the trendy JRI app, recharge DTH connection and data cards, use super-fast recharge functions like Repeat-A-Recharge, program your recharge in advance through Schedule-A-Recharge, pay through JRI card, a smart and secure wallet in the cloud, and check out many other attractive features of JustRechargeIt.com