Bharti Airtel-Kotak Mahindra Bank JV Gets Payment Bank License From RBI
India’s largest carrier Bharti AirtelBSE 4.20 % received its payment bank license that is had applied for in partnership with Kotak Mahindra Bank, a move that will help the companies take Indian government’s financial inclusion plans to the next level.
“Airtel M Commerce Services Limited (AMSL), a subsidiary of Bharti Airtel Limited has been granted payments bank license from Reserve Bank of India on April 11, 2016,” the Sunil Mittal-promoted company told Bombay Stock Exchange Monday.
The new payments bank will help the fourth largest private sector bank by assets to break new grounds among the unbanked and expand its reach in the huge rural market.
Kotak’s banking expertise will help Airtel deliver financial services to millions of unbanked citizens across the country. Airtel has over 245 million customers in India and a revenue market share of 31.4%.