Bharti Airtel’s wholly owned subsidiary Airtel M Commerce Services (AMSL) is seeking to convert its existing Prepaid Payment Instrument license into a Payments Bank license to be issued by the Reserve Bank of India.
Moreover, subject to grant of a Payments Bank license to AMSL by the Reserve Bank of India (RBI) and all regulatory approvals, Kotak Mahindra Bank will acquire 19.90% stake in AMSL as an investor. AMSL offers mobile money services under the brand name “Airtel Money”.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 4 mobile service providers globally in terms of subscribers.
