India’s first Payment Bank goes Live, courtesy Airtel

In a first mover advantage Airtel Payment Bank has started pilot services in Rajasthan as the company becomes the first Payment bank to go live in India after RBI granted 11 applicants to start their payment banks.

In a late evening filing to exchanges, Bharti Airtel parent of Airtel Payment Bank informed of launching country’s first payment bank in Rajasthan on a pilot basis before a country wide roll out later. The pilot is aimed at testing systems and processes ahead of a full-scale pan Indian launch.

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, convenient banking services.

Airtel Payment Bank will be a fully digital and paperless bank. Airtel Payment Banking points will offer bank account opening services and cash deposit & withdrawal facilities to all its customers.

Airtel Payment Bank is offering 7.25 per cent interest rate on savings account deposits. Customers' Airtel mobile number will be his/her bank account number. Company is also providing customers with personal accidental insurance of Rs. 1 Lac with every Savings Account opened.

Out of the 11 applicants approved, three players have already dropped out. This leaves only seven applicants in the fray to start—India Post, Reliance Industries, PayTm, Aditya Birla Nuvo, Vodafone, Fino PayTech and NSDL.