Union Finance Minister Arun Jaitley launches Airtel Payments Bank

India’s first Payments Bank commences national operations
Chandigarh, January 12, 2017: Airtel Payments Bank, India’s first payments bank, today commenced national operations with services now LIVE in all 29 States of India.

Shri Arun Jaitley, Union Minster of Finance and Corporate Affairs formally launched Airtel Payments Bank’s national operations today, marking a major milestone in the history of India’s financial services sector. Also present on the occasion were Sunil Bharti Mittal, Chairman, Bharti Enterprises; Uday Kotak, Executive Vice Chairman & MD, Kotak Mahindra Bank; Gopal Vittal, MD & CEO (India & South Asia), Bharti Airtel; and Shashi Arora, MD & CEO, Airtel Payments Bank.

Speaking on the occasion, Sunil Bharti Mittal said, “Bharti has always undertaken transformational initiatives that have the potential to make a positive impact on the society and contribute to the development of India. Airtel has been at the forefront of India’s digital transformation and has empowered over 260 million customers with affordable telecom services. With Airtel Payments Bank, we are starting another important chapter in our journey, with the potential to truly transform lives and contribute to financial inclusion in the country. Just like mobile telephony leapfrogged traditional telecom networks to take affordable telecom services deep into the country, Airtel Payments Bank aims to take digital banking services to the unbanked over their mobile phones in a quick and efficient manner. Millions of Indians in rural areas will get their first formal banking experience with Airtel Payments Bank.”

“We are fully committed to the Prime Minister Shri Narendra Modi’s call to build a Digital India and lay a strong foundation for India’s transition to a cashless economy. Airtel Payments Bank will invest towards building a vast digital payments ecosystem with millions of merchants, and allow customers to make convenient cashless payments for good and services with their mobile phones.”