Airtel Payments Bank: Difference between revisions

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| traded_as =
| foundation = {{Start date and age|df=y|2016|11|23}}<ref>{{cite news |title=Kotak Bank to sell shares of Airtel Payments Bank to Bharti Enterprises |url=https://www.livemint.com/companies/news/kotak-mahindra-bank-to-sell-20-cr-shares-of-airtel-payments-bank-to-bharti-enterprises-for-rs-294-cr-11630390450096.html |access-date=22 October 2022 |work=mint |date=31 August 2021 |language=en}}</ref>
| location = [[New Delhi]], [[India]]
| industry = [[Financial services]]
| area_served = India
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| revenue = {{up}}{{INRConvert|1291|c}}(FY23)
| net_income = {{up}}{{INRConvert|21.7|c}}(FY23)
| key_people = Anubrata Biswas<br />{{small|([[Managing director|MD]] & [[Chief executive officer|CEO]])}}<ref name="Airtel Payments Bank ropes in Anubrata Biswas as its chief executive">{{cite news|title=Airtel Payments Bank ropes in Anubrata Biswas as its chief executive|url=https://telecom.economictimes.indiatimes.com/news/airtel-payments-bank-ropes-in-anubrata-biswas-as-its-chief-executive/64303395|access-date=25 May 2018|publisher=telecom.economictimes.indiatimes.com}}</ref>
| num_employees =
| parent = [[Bharti Airtel]]
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In 2015, eleven companies received In-principle approval from the [[Reserve Bank of India]] to set up Payments Bank under the guidelines for Licensing of Payments Bank.<ref name="bs">{{Cite news|agency=Press Trust of India|date=2016-11-24|title=Airtel Payments Bank goes live with pilot project in Rajasthan|work=Business Standard India|url=https://www.business-standard.com/article/companies/airtel-payments-bank-goes-live-with-pilot-project-in-rajasthan-116112300714_1.html#:~:text=Airtel%20Payments%20Bank,%20a%20subsidiary,go%20live%20in%20the%20country.|access-date=2020-12-29}}</ref>
 
On 11 April 2016, [[Airtel Payments Bank]] became the first company to receive the [[Payments bank|Payments Bank]] license from the [[Reserve Bank of India]] under Section 22 (1) of the Banking Regulation Act, 1949. Airtel Payments Bank started with an 80:20 partnership between [[Bharti Airtel]] and [[Kotak Mahindra Bank]].<ref name=CNMP-PS-DX-2016-DXB-PLT1>{{cite web |title=Bharti Airtel-Kotak Mahindra Bank JV gets payment bank license from RBI|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/bharti-airtel-kotak-mahindra-bank-jv-gets-payment-bank-license-from-rbi/articleshow/51780412.cms|website=economictimes.indiatimes.com |date=11 April 2016 |access-date=14 April 2024}}</ref><ref>{{cite news |title=Airtel Payments Bank launched, with vow to shake up old banking system |url=https://www.livemint.com/Industry/FxxxxsTZvCQuJt4I90upnK/Airtel-Payments-Bank-to-be-launched-today.html |access-date=1 May 2021 |work=mint |date=12 January 2017 |language=en}}</ref>
 
Bharti Airtel launched Airtel Payments Bank in September 2016 and went live with its pilot project in [[Rajasthan]] in November 2016.<ref name="bs"/> It was launched nationally in January 2017 to support the cashless revolution promised by the [[Government of India]].<ref>{{Cite web|title=About Us {{!}} Airtel Payments Bank|url=https://www.airtel.in/bank/about-us|access-date=2021-07-09|website=www.airtel.in}}</ref>
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Airtel Money is a [[digital wallet]] by Airtel Payment Bank that allows users to make payments using "Airtel Thanks App" or [[Unstructured Supplementary Service Data|USSD]].<ref>{{cite news |last1=Verma |first1=Pallavi Arun |title=Airtel Payments Bank UPI – the easiest and fastest way to transfer money |url=https://economictimes.indiatimes.com/wealth/spend/airtel-payments-bank-upi-the-easiest-and-fastest-way-to-transfer-money/articleshow/60966331.cms |website=The Economic Times|date=25 October 2017 }}</ref>
 
It also provides products like a savings account where customers can be onboarded digitally, adhering to video KYC norms.<ref>{{cite web |last1=Das |first1=Vipul |title=2 payments banks promising 5% to 6% interest rates on savings accounts |url=https://www.livemint.com/money/personal-finance/2-payments-banks-promising-5-to-6-interest-rates-on-savings-accounts-11654680272086.html |website=mint |language=en |date=8 June 2022}}</ref>
 
=== FASTag ===
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=== Insurance and pension ===
In July 2019, Airtel Payments Bank partnered with Bharti AXA General Insurance.<ref>{{cite news|date=2 July 2019|title=Airtel Payments Bank partners with Bharti AXA Life to offer term insurance|work=The Economic Times|url=https://economictimes.indiatimes.com/wealth/insure/life-insurance/airtel-payments-bank-partners-with-bharti-axa-life-to-offer-term-insurance/articleshow/70036151.cms?from=mdr}}</ref><ref>{{cite web|title=Airtel Payments Bank partners with Bharti AXA Life to offer pure term insurance|url=https://www.thehindubusinessline.com/money-and-banking/airtel-payments-bank-partners-with-bharti-axa-life-to-offer-pure-term-insurance/article28258613.ece|website=@businessline|date=2 July 2019 |language=en}}</ref> Airtel Payments Bank and Bharti Axa Life Insurance have started to provide the government's insurance plan [[Pradhan Mantri Jeevan Jyoti Bima Yojana]] in August 2018.<ref>{{cite news |last1=Dua |first1=Priyanka |title=Airtel Payments Bank join hands with Bharti AXA Life Insurance to offer Rs. 2 lakh insurance cover |url=https://www.gizbot.com/news/airtel-payments-bank-join-hands-with-bharti-axa-life-insurance-offer-rs-2-lakh-insurance-cover-053088.html |work=gizbot.com/ |date=16 August 2018 |language=en}}</ref><ref>{{cite news |title=Bharti AXA, Airtel Payments Bank team up to offer Pradhan Mantri Jeevan Jyoti Bima Yojana - ET Telecom |url=https://telecom.economictimes.indiatimes.com/news/bharti-axa-airtel-payments-bank-team-up-to-offer-pradhan-mantri-jeevan-jyoti-bima-yojana/65421955 |work=ETTelecom.com |language=en}}</ref> In 2019, Airtel Payments Bank started offering [[Atal Pension Yojana]] (a [[Government of India]] initiative) through its platform.<ref>{{Cite web|url=https://www.medianama.com/2020/03/223-airtel-payments-bank-aadhaar-enabled-payment-service/|title=Airtel Payments Bank launches Aadhaar-enabled payment service: Report|date=2020-03-02|website=MediaNama|language=en-US|access-date=2020-03-31}}</ref>
 
=== Remittance and AePS Service ===
Airtel Payments Bank’s total distribution reach is twice that of the total ATMs and bank branches in the country. Aadhaar Enabled Payment System is a segment, having Aadhaar-linked accounts of any bank, to do transactions at over 500 thousand banking points of the Airtel Payments Bank. It allows customers to carry out transactions by using their Aadhaar number or Virtual ID to access their bank accounts.<ref>{{cite news |title=Airtel Payments Bank Claims: Airtel Payments Bank helps maintain banking services across India - Times of India |url=https://timesofindia.indiatimes.com/gadgets-news/airtel-payments-bank-helps-mantain-banking-services-across-india/articleshow/75576701.cms |website=The Times of India |date=6 May 2020 |language=en}}</ref>
 
=== DigiGold ===
In May 2021, Airtel Payments Bank launched DigiGold, a digital platform for its customers to make investments in gold. DigiGold has been launched in partnership with SafeGold, a provider of digital gold.<ref>{{cite news |title=Airtel Payments Bank launches 'DigiGold' platform for customers to invest in gold |url=https://economictimes.indiatimes.com/tech/tech-bytes/airtel-payments-bank-launches-digigold-platform-for-customers-to-invest-in-gold/articleshow/82607299.cms |website=The Economic Times|date=13 May 2021 }}</ref>
 
=== Airtel Payments Bank Smartwatch ===
Airtel Payments Bank collaborated with Noise and the [[National Payments Corporation of India]] (NPCI), launched a smartwatch that incorporates [[RuPay]] chip embedded in the dial, enabling direct payments.<ref>{{Cite web |last=Khan |first=MD Ijaj |date=2024-08-29 |title=Airtel Payments Bank in collaboration with Noise and NPCI launches RuPay smartwatch in India- All details |url=https://tech.hindustantimes.com/wearables/news/airtel-payments-bank-in-collaboration-with-noise-and-npci-launches-rupay-smartwatch-in-india-all-details-71724918702603.html |access-date=2024-09-01 |website=HT Tech |language=en}}</ref>
 
==Financials==