Airtel Payments Bank- India’s first payments bank

Key Points to Note

• Airtel was the first applicant to receive the final license from the Reserve Bank of India in April
• Kotak Mahindra Bank holds 19.9% in the Airtel Payments Bank
• The Pilot project has been rolled out in Rajasthan
• Customers will be offered an interest rate of 7.25% on deposits in savings account, higher than the 4-6% commercial banks are offering
• Airtel will not be issuing ATM or debit cards, but will allow cash withdrawal facilities at designated Airtel retail outlets
• Bank accounts can be opened by customers without documents using Aadhaar based e-KYC
• Customers with an Airtel mobile connection will have the mobile number as an account number
• Airtel Bank's services can also be accessed by dialling *400#; or through an interactive voice response system by dialling 400

Source: Various News Reports and Interviews