Bharti Airtel has received an in-principle approval from the Reserve Bank of India (RBI) to set up payment bank under the Guidelines for Licensing of Payments Banks issued on November 27, 2014. Airtel M Commerce Services, a unit of the company has received approval from the apex bank.
Payments bank licence will allow companies to collect deposits (initially up to Rs 1 lakh per individual), offer Internet banking, facilitate money transfers and sell insurance and mutual funds.
Bharti Airtel is a leading integrated telecommunications company with operations in 20 countries across Asia and Africa. The company ranks amongst the top 5 mobile service providers globally in terms of subscribers.
