Airtel Payments Bank on Thursday launched its nationwide operations with an initial investment of Rs 3,000 crore and offering an interest rate of 7.25 per cent for savings accounts.
The bank was launched by Finance Minister Arun Jaitley in New Delhi.
Leveraging Airtel's existing user base of 260 million customers, the Payments Bank will have re the phone number itself as the account number, Bharti Enterprises Chairman Sunil Bharti Mittal said at the launch.
It is offering an interest rate of 7.25 per cent per annum on deposits in savings accounts.
"Airtel Payments Bank commits an initial investment of Rs 3,000 crore to develop a pan India banking network and digital payments ecosystem," a company statement said.
The Reserve Bank of India had given payments bank licenses to 11 companies out of which 4-5 are telecom firms.
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