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  Business   Companies  12 Jan 2017  Arun Jaitley to launch India’s first payments bank today

Arun Jaitley to launch India’s first payments bank today

PTI
Published : Jan 12, 2017, 3:48 pm IST
Updated : Jan 12, 2017, 4:18 pm IST

Airtel Payments Bank is a subsidiary of country's leading cellular operator Bharti Airtel.

 Finance Minister Arun Jaitley. (Photo: Twitter/ANI)
  Finance Minister Arun Jaitley. (Photo: Twitter/ANI)

Mumbai: Finance Minister Arun Jaitley will launch today country’s first payments bank, Airtel Payments Bank, in national capital today.

Airtel Payments Bank is a subsidiary of leading cellular operator Bharti Airtel.

The Reserve Bank of India gave in-principle nod to as many as 11 companies who wanted to start payments banks. Out of 11, three surrendered their licences to the apex bank.

In January 2017, digital wallet company Paytm also received final approval from RBI to start a payments bank.

Payments bank is a fully digital bank where no physical transaction takes place in everyday banking. Customers can access their accounts using their smart- or feature phones.

Tags: airtel payments bank, arun jaitley, bharti airtel, paytm
Location: India, Maharashtra, Mumbai (Bombay)