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Home / News / Business News / Airtel gets final license for payment bank
  • Business

    Airtel gets final license for payment bank

    Achin Garg
    Written by
    Achin Garg
    Mail
    Last updated on Apr 12, 2016, 10:14 am
    Airtel gets final license for payment bank
    Credits:
  • Bharti Airtel's unit, Airtel M-commerce Services Ltd. (AMSL), has received the final payment bank license from the Reserve Bank of India (RBI).

    Airtel was among the 11 entities who had received in-principle approval from RBI in August 2015 to start payment banks.

    Bharti Airtel plans to set upthe payment bank in partnership with Kotak Mahindra Bank which already owns 19.9% in AMSL.

  • In this article
    What are payment banks? Payment Banks: a game changer for financial inclusion Airtel M-Commerce Services Ltd: a profile RBI restricts bank's stake in payment bank to 30% RBI gives in-principle approval to 11 payment banks Airtel gets final license for payment bank
  • About

    What are payment banks?

    What are payment banks?
    Credits:
  • Payment banks in simple terms are trimmed down versions of banks which can receive payments, remittances, offer basic saving and deposit services, etc.

    However, unlike full-fledged banks, payment banks cannot advance loans.

    The concept of payment banks was mooted to further the goal of financial inclusion as normal banks have restrictions in terms of reach and access to people, especially in remote areas.

  • Features

    Payment Banks: a game changer for financial inclusion

    Payment Banks: a game changer for financial inclusion
  • Payment banks, a type of differentiated banks, are expected to redefine the banking system in the country by offering low-cost services to labourers, migrants, low-income households, small businesses, etc. which were hitherto unavailable to them.

    Payment banks can accept deposit up to Rs.1 lacs from customers and offer interests on them.

    While they cannot issue credit cards, they can offer ATM and debit cards.

  • AMSL

    Airtel M-Commerce Services Ltd: a profile

    Airtel M-Commerce Services Ltd: a profile
    Credits:
  • Airtel M-Commerce Services Ltd. (AMSL) was a wholly owned subsidiary of Bharti Airtel, before Kotak Mahindra picked up 19.9% stake in AMSL in February 2015 for Rs.98.4 crores.

    AMSL already offers mobile money services under the brand name Airtel Money since 2011.

    Bharti Airtel is the largest telecom service provider with 245 million customers while Kotak Mahindra is the 4th largest private sector bank.

  • Information

    RBI restricts bank's stake in payment bank to 30%

  • According to the RBI guidelines, a scheduled commercial bank cannot have more than 30% stake in a payment bank. However, if a bank owns more than 20% then it is viewed as co-promoter which creates difficulty in getting a license.

  • 20 Aug 2015

    RBI gives in-principle approval to 11 payment banks

    RBI gives in-principle approval to 11 payment banks
    Credits:
  • To further the agenda of financial inclusion and offer differentiated banking services, the RBI gave in-principle approval to 11 payment banks.

    The list includes Reliance Industries, Aditya Birla Nuvo, Vodafone, Airtel, Sun Pharma's Dilip Shanghvi, Paytm's Vijay Shekhar Sharma, etc.

    Payment banks require a minimum capital of Rs.100 crores and have to be set up within 18 months of receiving RBI approval.

  • 12 Apr 2016

    Airtel gets final license for payment bank

    Airtel gets final license for payment bank
    Credits:
  • Bharti Airtel's unit, Airtel M-commerce Services Ltd. (AMSL), has received the final payment bank license from the Reserve Bank of India (RBI).

    Airtel was among the 11 entities who had received in-principle approval from RBI in August 2015 to start payment banks.

    Bharti Airtel plans to set upthe payment bank in partnership with Kotak Mahindra Bank which already owns 19.9% in AMSL.

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