Airtel M-Commerce Services Ltd rechristened as Airtel Payments Bank Ltd;
Company unveils new brand identity
The name change underlines the company’s strong focus on the payments bank space and its commitment to contribute to the Government of India’s agenda of financial inclusion by taking banking services to the last mile
Airtel Payments Bank is the first company in India to receive a payments
bank license from the RBI; Plans to launch operations in second quarter of the
current FY
Airtel M-Commerce Services Limited, a subsidiary of Bharti Airtel
Limited, has been renamed as Airtel Payments Bank Limited after receiving
necessary approvals from all concerned authorities. The Company also unveiled a
new logo to reflect its new identity.
On April 11,
2016, Airtel Payments Bank Limited became the first entity in India to receive
a payments bank license from the Reserve Bank of India (RBI). The Company plans
to start rolling out its banking network in the second quarter of the current
Financial Year.
Gopal Vittal, MD
& CEO (India & South Asia), Bharti Airtel said, “The new identity
reflects our strong focus on the payments bank segment and our commitment to
the Government’s vision of financial inclusion and banking services for every
citizen. With Airtel’s deep distribution network that touches every corner of
the country, we believe that Airtel Payments Bank is uniquely placed to deliver
quality banking services to customers by leveraging the power of mobile
telephony.”
Airtel Payments Bank Logo
The ‘=’ sign
denotes ‘Equality’. A bank that gives equal access to everyone.
Airtel Payments
Bank Limited (which began operations in 2011 as Airtel M-Commerce Services
Ltd.) currently provides money transfer services and semi-closed wallet
services (Airtel Money). The Company has presence in 800 plus towns across
India.
The Company
plans to leverage Bharti Airtel’s national distribution network that runs deep
into rural areas and offers a robust platform to deliver banking services to
the last mile. Currently, the Airtel distribution channel is spread across 1.5
Mn outlets with network presence in 5,126 census and 464,361 non-census towns
and villages in India covering approximately 87% of the country’s population.
Kotak
Mahindra Bank has acquired 19.90% stake in Airtel Payments Bank Limited for a
consideration of appx. INR 98.8 cr. Kotak is expected to bring its banking
expertise to the venture.
For more information please contact:-
Vishal Mishra
8756000222
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