Airtel Payments Bank Limited is an Indian payments bank headquartered in New Delhi. The company Indian Airtel is its subsidiary. This company on 11 April 2016, obtained the Payment Bank License from the Reserve Bank of India under Section 22(1) of the Banking Regulation Act, 1949. Airtel Payments Bank is an 80:20 partnership between Indian Airtel and Kotak Mahindra Bank.
Airtel launched Airtel Payments Bank in September 2016. Airtel’s first payments bank started in November 2016 with its pilot project in Rajasthan.
The bank had a capital of ₹3,000 crore ($441 million) at the time of its inception. Airtel Payments Bank reported deposits of ₹ 68.33 crore at the end of the financial year ended March 31, 2017.
In September 2017, Airtel Payments Bank launched UPI enabled digital payments to facilitate secure digital payments.
In July 2019, Airtel Payments Bank partnered with Bharti AXA General Insurance. Airtel Payments Bank and Bharti AXA Life Insurance have started providing the government’s insurance scheme Pradhan Mantri Jeevan Jyoti Bima Yojana in August 2018. In 2019, Airtel Payments Bank started offering Atal Pension Yojana through its platform.