HOME > BUSINESS > Bharti Airtel to launch pan-India Payments Bank tomorrow

Bharti Airtel to launch pan-India Payments Bank tomorrow

Bharti Airtel, India’s largest telecom company, will take a crucial step towards entering the financial services business as it launches its Payments Bank operation across India tomorrow.

Payments Bank refers to a limited operations bank that can be primarily used for making transactions, and not for depositing money.

The operator has already started operations of its payments bank in states like Rajasthan on a pilot basis.

In such places, the customer’s Airtel mobile number will be his or her bank account number.

It is also offering an interest rate of 7.25 % per year on deposits in savings accounts, which is nearly double of what most other banks give in India.

Though it is not allowed to take deposits, the interest on its payments account itself is more than what most banks give on fixed deposits. Most banks given between 5-7% interest for fixed deposits of up to a year in tenure.

The payments bank operation will enable users to transfer money to any bank account in India, including free money transfer within Airtel Bank.

PayTM, India’s biggest mobile wallet, also announced it will soon launch its payments bank as well.

PayTM, Airtel and upcoming ventures from the likes of Idea Cellular will mount a big challenge to India’s traditional banking industry.

Indian banks typically charge Rs 5.75 for a small sized money transfer operation, while the same can be done free of charge on these new ventures.

As such, people are likely to use the new apps instead of traditional banking channels to do most of their transactions in the future.

Airtel’s account will also come with a free personal Accidental Insurance of Rs. 1 Lac.

The service can be accessed by users on their mobile phones through the Airtel Money app, through USSD by dialing *400#; or via a simple IVR by dialing 400.

Both the USSD & IVR options are available in Hindi and English language and work on simple feature phones as well. Users can also log in by dialling 8800688006.

In addition, they can visit any of the company’s retail outlet to access services (and not just the outlet where they have opened the account).

At these outlets, customers will get account opening services and cash deposit & withdrawal facilities.

PayTM, on its part, clarified that users of its app will have to submit additional KYC documents to convert their wallet accounts to bank accounts.

However, this requirement is less onerous for Airtel, as all telecom companies have stringent KYC norms that require them to collect proof of identity and residence at the time of issuing new connections.

In contrast, wallets like PayTM have only the customer’s verified phone number as their main form of identification.

Follow ULTRA.news
PAY REVISION: IDBI Bank employees to strike again tomorrow, May 23 IDBI Bank, one of India's largest government-controlled banks, said it received notice of strike from the "United Forum of IDBI Bank Officers and Employees".The strike will be on Tuesday, May 23, and is aimed at demanding "revision of pay and allowances and other issues," the...
Bharti Airtel to offer cheap 4G plans for all dongle users – report With new operator Reliance Jio snapping at its heels, incumbent Bharti Airtel has decided to slash its data prices for everyone with the introduction of new 4G dongle plans, Telecom Talk blog reported quoting unnamed sources.At present, Bharti Airtel does not offer any plan t...
Bharti Airtel slashes home broadband tariff ahead of Jio Fiber launch Ahead of the launch of Jio Fiber by Reliance, Bharti Airtel slashed its home broadband prices with a new set of cheaper plans.The new plans now offer up to 100% more high speed data benefits within the same monthly rentals, the company said. Existing customers will b...
Bharti Airtel could help Reliance Jio win Rs 2,000 cr from DoT Bharti Airtel's attempts to avoid paying "voice conversion charge" on the spectrum that it is purchasing from internet service provider Tikona Digital could end up unintentionally benefiting arch rival Reliance Jio.Reliance Jio was forced to pay around Rs 1,650 cr four ye...
Airtel, Idea and Vodafone close to network sharing deal Fierce competition from new entrant Reliance Jio is pushing the incumbent telecom operators Bharti Airtel, Reliance Jio and Vodafone India to accelerate negotiations to allow them to use each other's full networks.As of now, these operators only share 'passive' or 'dead' in...
Reliance Jio puts more 4G spectrum to use to increase speeds Reliance Jio, the 4G operator that has taken the market by storm, has deployed the extra spectrum that it bought last year, increasing the total spectrum in use in most markets by 20-25%.In most circles, Jio is operating with about 40-50 MHz of spectrum, and with the new sp...
Bharti Airtel to start refarming 2G spectrum for 4G this year India's largest telecom services company by revenue and spectrum holding, Bharti Airtel, will start diverting its 2G spectrum to add to its 4G network in the second half of the ongoing financial year, the company's CEO said.The move will help increase 4G capacity of the o...
Idea Cellular to spend Rs 6,000 cr on VoLTE, expansion of 4G & 3G this year Idea Cellular, the telecom company controlled by the Aditya Birla group, said it will spend Rs 6,000 cr to expand its 3G and 4G services in the current financial year.Idea tower additions per yearThe planned investment of Rs 6,000 cr has been "earmarked for expanding bro...
SBI says free ATM transactions not withdrawn India's largest bank, State Bank of India, denied reports that it had scrapped the facility of providing free ATM transactions.SBI CIRCULARThe bank was responding to media reports that said that all transactions will be chargeable from now on.Under the Reserve Bank o...
Airtel Broadband to upgrade users to 40 Mbps V Fiber plans to beat Reliance Jio Locations of Airtel V Fiber servicesAirtel Broadband, India's second largest wired broadband service, will upgrade nearly all its DSL customers to its new 'V Fiber' vectorization technology that offers speeds of 40 Mbps, compared to 4-8 Mbps under the traditional ADSL 2 tech...
Bharti Airtel is successfully adopting the Reliance Jio model It is not every day that a new entrant forces the established players in the market to overhaul their business models. But Reliance Jio seems to be doing just that, and rivals like Bharti Airtel are proving to be quick, if slightly unwilling, learners.In the three months from...
Why Reliance Jio will keep data prices low for 2 years: Credit Suisse explains Wireless data prices in India, which crashed from Rs 250 per GB to about Rs 10 per GB after the entry of Reliance Jio, will continue to remain under pressure for at least two more years, said analyst firm Credit Suisse.That is the minimum amount of time that the new entrant w...
Telcos Change Tack as Net Neutrality Fight Enters Final Round in India A campaign by Internet Freedom FoundationIf you thought the fight over net neutrality was over with the sending of 1 mln emails to the TRAI two years ago, think again.The telecom service providers, who lost out that in the first round, are back. This time, however, their...
Amazon Fire TV Stick Launch: Airtel offers 100 GB data free Bharti Airtel said it would provide 100 GB of free high-speed data to anyone who purchases Amazon’s Fire TV Stick in India.The offer is available to Airtel customers on broadband as well as '4G Home Wifi', but not to normal, handset-based 4G users.The data quota can b...
Complaints against telcos drop sharply as 4G takes off No of complaints against telcos in last three years. 2017 nos are annualizedComplaints against all telecom providers except Bharti Airtel dropped in 2016, possibly in reaction to the emergence of new operator Reliance Jio and the explosion of 4G data capacity.The total n...
Airtel to offer 2 GB/day for ₹349, 3.5GB for 999 to take on Reliance Jio Airtel will unveil cheaper data tariffs soonIndia's largest telecom services company by revenue -- Bharti Airtel -- is in the process of rolling out new plans including one that offers 2 GB of data per day at just Rs 349 in addition to unlimited calling for 28 days, according ...
Working Reliance Jio ‘DTH’ video uploaded by Gujarat-based test user the video of the so-called Jio DTHA video of a working Reliance Jio 'DTH' TV has been leaked by a Gujarat-based Youtube user, even as Airtel unveiled its own 'Internet TV' today.The Youtube user demonstrates a working set-top-box, complete with HD channels and various ot...
Airtel Digital launches first-of-its-kind Android set-top-box with advanced features Airtel Digital TV launched what it called India’s first hybrid set-top-box with built-in Android and a host of advanced gaming and Internet functions at a price of Rs 4999.Customers can also get one year of free subscription by paying Rs 3,000 extra.It will be availab...
TRAI’s MySpeed app pulled from Google Play Store The TRAI MySpeed AppThe Telecom Regulatory Authority of India's network benchmarking app MySpeed is no longer listed on the Android Play Store.The link for the app throws an error saying 'the requested URL was not found on this server'.It is not clear whether TRAI pu...
Ortel Communications slashes broadband tariff as Reliance Jio threat looms With the prospect of the entry of Reliance Jio into the cable and broadband market, Ortel Communications -- the largest cable network in Orissa and an emerging player in neighboring states, has slashed its broadband rates.The company has removed all its sub-1 Mbps plans and r...
Reliance Jio promises new plans in place of Summer Surprise The new banner on RJio websiteReliance Jio has officially withdrawn its Summer Surprise offer on its website and put up a new banner saying that it will be introducing new plans soon."We are updating our tariff packs and will be soon introducing more exciting offers," th...
Reliance Jio helped India save Rs 18,000 cr, but rivals took the hit Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed.The numbers indicate tha...
Reliance Jio could replace Summer Surprise with new offer after TRAI order Reliance Jio's withdrawal of its Summer Surprise Offer is unlikely to make any difference to most of its customers, and the company may even come up with a new version of the plan to comply with the ban."The Telecom Regulatory Authority of India (TRAI) has advised Jio to with...
India’s 3G networks creak under freebie overload; 4G also slows MySpeed, the speedtesting platform operated by the Telecom Regulatory Authority of India, has revealed a sharp dip in wireless data speeds across operators in March compared to the previous month.The declines were visible in both 4G as well as 3G services, but were more prono...
Rs 1.7 lakh cr deposited via demonetization may not be withdrawn – SBI Monthly cash withdrawals for all banks | source:SBI ResearchThe Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank c...