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No Fear No Favour

#DemonetisationEffect: Now, Airtel is turning your mobile phones into banks.

Telecom services company Bharti Airtel has piped online marketplace Paytm to launch India’s first payment bank — Airtel Payments Bank. The company has chosen Rajasthan as the launch pad for its banking services. The pilot is aimed at testing systems and processes ahead of a full-scale pan-India launch. Paytm had initially planned to launch its payments bank on Diwali day last month.

To begin with, customers across Rajasthan will now be able to open bank accounts at 10,000 Airtel retail outlets, which will double up as Airtel banking points and offer a range of basic, convenient banking services. The company said it will expand its merchant network in Rajasthan to 100,000 by the end of the year, giving a big boost to digital payments ecosystem.

The account can be opened with Aadhaar based paperless e-KYC, with no extra documents required and customer’s Airtel mobile number would be his/her bank account number. The company intends to give an interest rate of 7.25% per annum on deposits in savings accounts.

This is a great opportunity for people who are online shopping freaks as they can easily put their extra money or pocket money in their airtel payment bank to enjoy the benefit of 7.25% extra on savings. It’s a double bonanza in a cost of a single penny.

By: Shivendra Pandey.

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