RBI gives schedule bank status to Airtel Payment Bank, what will happen next?

Airtel Payments Bank gets schedule bank status

Airtel Payment Bank has got schedule bank status from Reserve Bank of India (RBI). On January 4, 2022, RBI included Airtel Payments Bank in the list of scheduled banks. After this status given to Airtel, this bank can play a stake in government schemes. It can also participate in primary auction, fixed rate, variable rate repo and reverse repo as well as marginal standing facility.

What is schedule bank, what are their benefits

Let us tell you that Schedule Banks are those banks which are included in the Second Schedule of the Reserve Bank of India Act, 1934. Such banks can get loans from RBI at bank rate. Such banks also get membership of Bank Clearing House. Simply put, schedule banks get many types of facilities.

More than 50 thousand banking points available across the country

Airtel Payment Bank is one of the largest network in the country. Airtel Payment Bank has more than 50 thousand banking points across the country. The bank claims that they have reached 1 out of every 6 villages. The number of users of Airtel Payment Bank is more than 11 crore and more than 80 lakh businessmen are associated with it. Also, it is included in the top 5 issuing FASTag. Let us inform that the annual income of the bank is more than 1 thousand crores.

After getting the status of schedule bank, the shares of Airtel also registered a rise. Let us tell you that Airtel started Payment Bank in the year 2016. Recently Paytm Payment Bank was also given the status of a schedule bank.

To support the Indian government’s cashless revolution, Bharti Airtel, one of the largest telecom companies in India, launched its product Airtel Payments Bank in January 2017.

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