A bank mentioned in the Second Schedule of the Reserve Bank of India Act is known as ''Scheduled Commercial Bank''.
The Reserve Bank of India (RBI) on Tuesday said it has included Airtel Payment Bank in the 'Second Schedule to the Reserve Bank of India Act, 1934'. A bank mentioned in the Second Schedule of the Reserve Bank of India Act is known as ''Scheduled Commercial Bank''.
Airtel Payments Bank - which has one of the largest retail networks with over 500,000 neighbourhood banking points - saw a marked increase in new accounts opened during the FY21, as transactions too rose, the company official said. At present, one in six villages in the country is being served by Airtel Payments Bank.
Its digital banking solutions allow users to open a bank account in five minutes using video KYC, make secure payments using Safe Pay and get benefits with the 'Rewards123' programme.
Airtel Payments Bank is able to offer its solutions to both the urban digital and the rural underbanked customer. The products are user-need focussed and designed to bring millions of users into the ambit of digital inclusion.
It is among the fastest-growing banks with over 115 million users across the country and more than 8 million merchants. The bank is among the top five issuers of FASTag and processors for the Bharat Bill Payment System.
With annualised revenues of over Rs 1,000 crore, the bank turned profitable in the September quarter.
(Edited by : Jomy Jos Pullokaran)
First Published: IST