Bharti Airtel Ltd.

Bharti Airtel and Axis Bank have entered into partnership to provide banking services via Airtel Money platform. Following the pact, Bharti Airtel customers will now be able to open basic savings account in Axis Bank through their mobiles and will be able to perform transactions such as cash deposits, transfers and withdrawals.

In the initial stage, savings and payment solutions will be provided in Delhi and Mumbai on the sending side, and Bihar and East UP on the receiving side. Afterwards, these services may be extended to other remittance corridors in the country.

Bharti Airtel posted a fall of 14.34% in its net profit at Rs 1574.30 crore for the quarter ended March 31, 2012 as compared to Rs 1837.90 crore for the same quarter in the previous year.  However total income increased by 10.78% at Rs 10943.50 crore for quarter under review as compared Rs 9878.40 crore for the quarter ended March 31, 2011.