Airtel Launches Payments Bank, to Invest Rs 3,000 Crore
By Vamsi Krishna N : 13-Jan-2017
Airtel Payments Bank has been inaugurated by the Finance Minister Arun Jaitley on Thursday which has opened its services all across the country with an investment of Rs. 3000 crore.
Speaking at the inaugural session, Arun Jaitley said, “As more and more telecom companies enter the fray, I think we will hopefully see competition not only amongst telecom companies which we read a lot about these days but we will probably see competition between conventional and the new mode of banking that you are going to introduce.”
Sunil Bharti Mittal, Chairman, Bharti Enterprises, said that Airtel Payments Bank becomes the first payments bank to be launched across 29 states in India by leveraging retail partners of Airtel. He also added that the primary focus of the payments bank will be to serve people in rural and semi-urban areas.
Mittal also added that, “With Airtel Payments Bank, we are starting another important chapter in our journey, with the potential to truly transform lives and contribute to financial inclusion in the country.”
Through the mobile application, the customers will be able to operate their accounts, deposit and make withdrawals from at any authorised retail outlets.
Mittal also added that since subsidisation cannot continue for a long period of time, it will eventually come down in the future and is only a welcome offer for the customers.
Speaking about Paytm, Mittal further said without mentioning the name of the company though, “They will have to go through processes that we have gone through. We have few months with us. There will be competition which we can meet head on like we have done in telecom.”
Mittal also said that, “We have invested around Rs 1,000 crore. We are looking at total investment of Rs 3,000 crore over a period of time. We will look at getting some more equity partners but there is no immediate plan as of now.”