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12
January 2017
Airtel Payments Bank on Thursday
launched its nationwide operations with an initial investment of Rs 3,000 crore
and offering an interest rate of 7.25 per cent for savings accounts. The Total Investment
& Insurance Solutions
The bank was launched by Finance
Minister Arun Jaitley in New Delhi.
Leveraging Airtel's existing user
base of 260 million customers, the Payments Bank will have re the phone number
itself as the account number, Bharti Enterprises Chairman Sunil Bharti Mittal
said at the launch. The Total Investment & Insurance
Solutions
It is offering an interest rate of
7.25 per cent per annum on deposits in savings accounts.
"Airtel Payments Bank commits
an initial investment of Rs 3,000 crore to develop a pan India banking network
and digital payments ecosystem," a company statement said.
The Reserve Bank of India had given
payments bank licenses to 11 companies out of which 4-5 are telecom
firms. The
Total Investment & Insurance Solutions
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