Airtel Payment Bank opens over 1 lakh accounts in UP

Airtel Payments Banks on Wednesday said that it has opened over one lakh savings accounts in Uttar Pradesh within the first two weeks of its launch in the state.

Airtel Payment Bank opens over 1 lakh accounts in UP

Airtel Payments Banks on Wednesday said that it has opened over one lakh savings accounts in Uttar Pradesh within the first two weeks of its launch in the state.

"We have opened one lakh savings accounts in the first two weeks. Approximately 60% of these accounts have been opened in rural areas, underlining the massive scope for serving customers, particularly in unbanked and underbanked pockets of the state," Airtel Payments Bank MD and CEO Shashi Arora told reporters here.


The company Wednesday launched a TV campaign to showcase its digital banking offerings. On January this year, Sunil Mittal-driven Bharti Airtel unveiled Payments Bank to facilitate financial services to customers.

In Uttar Pradesh over 12,000 neighbourhood Airtel retail stores will also function as banking points, and customers will be able to open savings accounts, deposit and withdraw cash across any of these banking points.

Nearly two-thirds of these banking points across the state are in rural areas, helping in extending the reach of services to unbanked regions.

Bharti Airtel was among the 11 entities that bagged in-principle approval from RBI in 2015 to launch payments banks. It rolled out payment bank services on pilot basis in Rajasthan, followed with Andhra Pradesh and Telangana last year.

Airtel Payments Bank allows cashless payments to more than 10 lakh merchants throughout the country.

The bank allows customers to open an account in less than 3 minutes, with Aadhaar-based verification, and as per the telco, consumers would get an interest rate of 7.25% on savings deposits.

Payments banks can accept deposits from individuals and small businesses up to a maximum of Rs 1 lakh per account.