Airtel Payments Bank - Revision history

Mohammad.Fahim: refined intro per standard format

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refined intro per standard format

>GermanKity: /* Digital payments */

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Digital payments

← Older revision		Revision as of 11:51, 24 June 2021
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	\| location = [[New Delhi]] [[India]]		\| location = [[New Delhi]] [[India]]
	\| industry = [[Financial services]]		\| industry = [[Financial services]]
	\| area_served = India		\| area_served = [[India]]
	\| products = [[Banking]]		\| products = [[Banking]]
	\| key_people = Anubrata Biswas ([[Managing Director\|MD]], [[CEO]])<ref name="Airtel Payments Bank ropes in Anubrata Biswas as its chief executive">{{cite news\|title=Airtel Payments Bank ropes in Anubrata Biswas as its chief executive\|url=https://telecom.economictimes.indiatimes.com/news/airtel-payments-bank-ropes-in-anubrata-biswas-as-its-chief-executive/64303395\|access-date=25 May 2018\|publisher=telecom.economictimes.indiatimes.com}}</ref>		\| key_people = Anubrata Biswas ([[Managing Director\|MD]], [[CEO]])<ref name="Airtel Payments Bank ropes in Anubrata Biswas as its chief executive">{{cite news\|title=Airtel Payments Bank ropes in Anubrata Biswas as its chief executive\|url=https://telecom.economictimes.indiatimes.com/news/airtel-payments-bank-ropes-in-anubrata-biswas-as-its-chief-executive/64303395\|access-date=25 May 2018\|publisher=telecom.economictimes.indiatimes.com}}</ref>
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	\| footnotes =		\| footnotes =
	}}		}}
	'''Airtel Payments Bank''' is an Indian [[payments bank]] with its headquarters in [[New Delhi]]. The company is a subsidiary of [[Bharti Airtel]].<ref>{{cite news \|last1=Jain \|first1=Upasana \|title=Airtel launches India's first payments bank \|url=https://www.livemint.com/Industry/fcR6oefmVxL8A8rzVB4TJK/Airtel-launches-Indias-first-payments-bank.html \|work=livemint.com \|date=23 November 2016}}</ref> On 11 April 2016, it became the first company to receive the payments bank license from the [[Reserve Bank of India]] under Section 22 (1) of Banking Regulation Act, 1949.<ref>{{cite web\|url=http://www.bharti.com/wps/wcm/connect/bhartiportal/bharti/home/media_centre/press_releases/fy2015-2016/airtel%20m-commerce%20services%20ltd%20rechristened%20as%20airtel%20payments%20bank%20ltd%20company%20unveils%20new%20brand%20identity\|title=Airtel M-Commerce Services Ltd rechristened as Airtel Payments Bank Ltd Company unveils new brand identity\|website=Bharti.com\|access-date=2017-01-13\|archive-url=https://web.archive.org/web/20170116145005/http://www.bharti.com/wps/wcm/connect/bhartiportal/bharti/home/media_centre/press_releases/fy2015-2016/airtel%20m-commerce%20services%20ltd%20rechristened%20as%20airtel%20payments%20bank%20ltd%20company%20unveils%20new%20brand%20identity\|archive-date=2017-01-16\|url-status=dead}}</ref> Airtel Payments Bank is a 80:20 partnership between [[Bharti Airtel]] and [[Kotak Mahindra Bank]].<ref>{{cite news \|title=Airtel Payments Bank launched, with vow to shake up old banking system \|url=https://www.livemint.com/Industry/FxxxxsTZvCQuJt4I90upnK/Airtel-Payments-Bank-to-be-launched-today.html \|access-date=1 May 2021 \|work=mint \|date=12 January 2017 \|language=en}}</ref>		'''Airtel Payments Bank''' is an Indian [[payments bank]] with its headquarters in [[New Delhi]]. The company is a subsidiary of [[Bharti Airtel]].<ref>{{cite news \|last1=Jain \|first1=Upasana \|title=Airtel launches India's first payments bank \|url=https://www.livemint.com/Industry/fcR6oefmVxL8A8rzVB4TJK/Airtel-launches-Indias-first-payments-bank.html \|work=livemint.com \|date=23 November 2016}}</ref>

	==History==		==History==
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	The bank's capital at its establishment was {{INR}}3,000 crore ($441 million). Airtel Payments Bank reported deposits of ₹68.33 crore at the end of the financial year ended 31 March 2017, which was its first year of operation.<ref>{{Cite web\|last=Pahwa\|first=Nikhil\|date=2017-07-04\|title=Airtel Payments Bank reports deposits of Rs 690.33 crore at end of FY17\|url=http://www.medianama.com/2017/07/223-airtel-payments-bank-reports-deposits-fy17/\|access-date=2017-07-10\|website=MediaNama}}</ref><ref>{{cite web\|title=Bharti Airtel to spend $441 million to set up payments bank\|url=http://economictimes.indiatimes.com/industry/banking/bharti-airtel-to-spend-441-million-to-set-up-payments-bank/articleshow/56500334.cms\|access-date=2017-01-13\|website=Economictimes.indiatimes.com}}</ref>		The bank's capital at its establishment was {{INR}}3,000 crore ($441 million). Airtel Payments Bank reported deposits of ₹68.33 crore at the end of the financial year ended 31 March 2017, which was its first year of operation.<ref>{{Cite web\|last=Pahwa\|first=Nikhil\|date=2017-07-04\|title=Airtel Payments Bank reports deposits of Rs 690.33 crore at end of FY17\|url=http://www.medianama.com/2017/07/223-airtel-payments-bank-reports-deposits-fy17/\|access-date=2017-07-10\|website=MediaNama}}</ref><ref>{{cite web\|title=Bharti Airtel to spend $441 million to set up payments bank\|url=http://economictimes.indiatimes.com/industry/banking/bharti-airtel-to-spend-441-million-to-set-up-payments-bank/articleshow/56500334.cms\|access-date=2017-01-13\|website=Economictimes.indiatimes.com}}</ref>

			On 11 April 2016, it became the first company to receive the payments bank license from the [[Reserve Bank of India]] under Section 22 (1) of Banking Regulation Act, 1949.<ref>{{cite web\|url=http://www.bharti.com/wps/wcm/connect/bhartiportal/bharti/home/media_centre/press_releases/fy2015-2016/airtel%20m-commerce%20services%20ltd%20rechristened%20as%20airtel%20payments%20bank%20ltd%20company%20unveils%20new%20brand%20identity\|title=Airtel M-Commerce Services Ltd rechristened as Airtel Payments Bank Ltd Company unveils new brand identity\|website=Bharti.com\|access-date=2017-01-13\|archive-url=https://web.archive.org/web/20170116145005/http://www.bharti.com/wps/wcm/connect/bhartiportal/bharti/home/media_centre/press_releases/fy2015-2016/airtel%20m-commerce%20services%20ltd%20rechristened%20as%20airtel%20payments%20bank%20ltd%20company%20unveils%20new%20brand%20identity\|archive-date=2017-01-16\|url-status=dead}}</ref> Airtel Payments Bank is a 80:20 partnership between [[Bharti Airtel]] and [[Kotak Mahindra Bank]].<ref>{{cite news \|title=Airtel Payments Bank launched, with vow to shake up old banking system \|url=https://www.livemint.com/Industry/FxxxxsTZvCQuJt4I90upnK/Airtel-Payments-Bank-to-be-launched-today.html \|access-date=1 May 2021 \|work=mint \|date=12 January 2017 \|language=en}}</ref>

	== Services ==		== Services ==
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	In September 2017, Airtel Payments Bank launched [[Unified Payments Interface\|UPI]] enabled digital payments to facilitate secure digital payments. Customers need to link their bank accounts on [[BHIM]] before they can make UPI payments. For UPI-based payments and transfers, customers are not required to furnish their bank details to enable transactions.<ref>{{cite news \|title=Airtel Payments Bank launches UPI enabled digital payments \|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/airtel-payments-bank-launches-upi-enabled-digital-payments/articleshow/60718909.cms \|work=The Economic Times \|date=17 September 2017}}</ref>		In September 2017, Airtel Payments Bank launched [[Unified Payments Interface\|UPI]] enabled digital payments to facilitate secure digital payments. Customers need to link their bank accounts on [[BHIM]] before they can make UPI payments. For UPI-based payments and transfers, customers are not required to furnish their bank details to enable transactions.<ref>{{cite news \|title=Airtel Payments Bank launches UPI enabled digital payments \|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/airtel-payments-bank-launches-upi-enabled-digital-payments/articleshow/60718909.cms \|work=The Economic Times \|date=17 September 2017}}</ref>

	Airtel Money is a [[digital wallet]] by Airtel Payment Bank that allows users to make payments using "My Airtel app" or [[Unstructured Supplementary Service Data\|USSD]]. {{~~citation needed~~\|~~date~~=~~October 2020~~}}		Airtel Money is a [[digital wallet]] by Airtel Payment Bank that allows users to make payments using "My Airtel app" or [[Unstructured Supplementary Service Data\|USSD]].<ref>{{cite web \|last1=Verma \|first1=Pallavi Arun \|title=Airtel Payments Bank UPI – the easiest and fastest way to transfer money \|url=https://economictimes.indiatimes.com/wealth/spend/airtel-payments-bank-upi-the-easiest-and-fastest-way-to-transfer-money/articleshow/60966331.cms \|website=The Economic Times}}</ref>

	=== Insurance and pension ===		=== Insurance and pension ===

>WikiCleanerBot: v2.04b - Bot T5 CW#17 - Fix errors for CW project (Category duplication - Reference before punctuation)

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{{short description|Payments Bank}}
{{cleanup rewrite|date=November 2020}}
{{update|date=November 2020}}
{{Infobox company
| name = Airtel Payments Bank Limited
| logo = Airtel payments bank logo.jpg
| type = [[Private company|Private]]
| traded_as =
| foundation = 2017
| location = [[New Delhi]] [[India]]
| industry = [[Financial services]]
| area_served = India
| products = [[Banking]]
| key_people = Anubrata Biswas ([[Managing Director|MD]], [[CEO]])<ref name="Airtel Payments Bank ropes in Anubrata Biswas as its chief executive">{{cite news|title=Airtel Payments Bank ropes in Anubrata Biswas as its chief executive|url=https://telecom.economictimes.indiatimes.com/news/airtel-payments-bank-ropes-in-anubrata-biswas-as-its-chief-executive/64303395|access-date=25 May 2018|publisher=telecom.economictimes.indiatimes.com}}</ref>
| num_employees =
| owner = [[Bharti Airtel]] (80.01%)<br>[[Kotak Mahindra Bank]] (19.9%)
| subsid =
| homepage = {{URL|https://www.airtel.in/bank/}}
| footnotes =
}}
'''Airtel Payments Bank''' is an Indian [[payments bank]] with its headquarters in [[New Delhi]]. The company is a subsidiary of [[Bharti Airtel]].<ref>{{cite news |last1=Jain |first1=Upasana |title=Airtel launches India's first payments bank |url=https://www.livemint.com/Industry/fcR6oefmVxL8A8rzVB4TJK/Airtel-launches-Indias-first-payments-bank.html |work=livemint.com |date=23 November 2016}}</ref> On 11 April 2016, it became the first company to receive the payments bank license from the [[Reserve Bank of India]] under Section 22 (1) of Banking Regulation Act, 1949.<ref>{{cite web|url=http://www.bharti.com/wps/wcm/connect/bhartiportal/bharti/home/media_centre/press_releases/fy2015-2016/airtel%20m-commerce%20services%20ltd%20rechristened%20as%20airtel%20payments%20bank%20ltd%20company%20unveils%20new%20brand%20identity|title=Airtel M-Commerce Services Ltd rechristened as Airtel Payments Bank Ltd Company unveils new brand identity|website=Bharti.com|access-date=2017-01-13|archive-url=https://web.archive.org/web/20170116145005/http://www.bharti.com/wps/wcm/connect/bhartiportal/bharti/home/media_centre/press_releases/fy2015-2016/airtel%20m-commerce%20services%20ltd%20rechristened%20as%20airtel%20payments%20bank%20ltd%20company%20unveils%20new%20brand%20identity|archive-date=2017-01-16|url-status=dead}}</ref> Airtel Payments Bank is a 80:20 partnership between [[Bharti Airtel]] and [[Kotak Mahindra Bank]].<ref>{{cite news |title=Airtel Payments Bank launched, with vow to shake up old banking system |url=https://www.livemint.com/Industry/FxxxxsTZvCQuJt4I90upnK/Airtel-Payments-Bank-to-be-launched-today.html |access-date=1 May 2021 |work=mint |date=12 January 2017 |language=en}}</ref>

==History==
In 2015, eleven companies received In-principle approval from the Reserve Bank of India to set up payments bank under the guidelines for Licensing of Payments Bank. Airtel was one of them, and it launched Airtel Payments Bank in September 2016. Airtel's first payments bank went live with its pilot project in [[Rajasthan]] in November 2016.<ref>{{Cite news|agency=Press Trust of India|date=2016-11-24|title=Airtel Payments Bank goes live with pilot project in Rajasthan|work=Business Standard India|url=https://www.business-standard.com/article/companies/airtel-payments-bank-goes-live-with-pilot-project-in-rajasthan-116112300714_1.html#:~:text=Airtel%20Payments%20Bank,%20a%20subsidiary,go%20live%20in%20the%20country.|access-date=2020-12-29}}</ref>

The bank's capital at its establishment was {{INR}}3,000 crore ($441 million). Airtel Payments Bank reported deposits of ₹68.33 crore at the end of the financial year ended 31 March 2017, which was its first year of operation.<ref>{{Cite web|last=Pahwa|first=Nikhil|date=2017-07-04|title=Airtel Payments Bank reports deposits of Rs 690.33 crore at end of FY17|url=http://www.medianama.com/2017/07/223-airtel-payments-bank-reports-deposits-fy17/|access-date=2017-07-10|website=MediaNama}}</ref><ref>{{cite web|title=Bharti Airtel to spend $441 million to set up payments bank|url=http://economictimes.indiatimes.com/industry/banking/bharti-airtel-to-spend-441-million-to-set-up-payments-bank/articleshow/56500334.cms|access-date=2017-01-13|website=Economictimes.indiatimes.com}}</ref>

== Services ==

=== Digital payments ===
In September 2017, Airtel Payments Bank launched [[Unified Payments Interface|UPI]] enabled digital payments to facilitate secure digital payments. Customers need to link their bank accounts on [[BHIM]] before they can make UPI payments. For UPI-based payments and transfers, customers are not required to furnish their bank details to enable transactions.<ref>{{cite news |title=Airtel Payments Bank launches UPI enabled digital payments |url=https://economictimes.indiatimes.com/industry/banking/finance/banking/airtel-payments-bank-launches-upi-enabled-digital-payments/articleshow/60718909.cms |work=The Economic Times |date=17 September 2017}}</ref>

Airtel Money is a [[digital wallet]] by Airtel Payment Bank that allows users to make payments using "My Airtel app" or [[Unstructured Supplementary Service Data|USSD]]. {{citation needed|date=October 2020}}

=== Insurance and pension ===
In July 2019, Airtel Payments Bank partnered with Bharti AXA General Insurance.<ref>{{cite news|date=2 July 2019|title=Airtel Payments Bank partners with Bharti AXA Life to offer term insurance|work=The Economic Times|url=https://economictimes.indiatimes.com/wealth/insure/life-insurance/airtel-payments-bank-partners-with-bharti-axa-life-to-offer-term-insurance/articleshow/70036151.cms?from=mdr}}</ref><ref>{{cite web|title=Airtel Payments Bank partners with Bharti AXA Life to offer pure term insurance|url=https://www.thehindubusinessline.com/money-and-banking/airtel-payments-bank-partners-with-bharti-axa-life-to-offer-pure-term-insurance/article28258613.ece|website=@businessline|language=en}}</ref> Airtel Payments Bank and Bharti Axa Life Insurance have started to provide government's insurance plan [[Pradhan Mantri Jeevan Jyoti Bima Yojana]] in August 2018.<ref>{{cite news |last1=Dua |first1=Priyanka |title=Airtel Payments Bank join hands with Bharti AXA Life Insurance to offer Rs. 2 lakh insurance cover |url=https://www.gizbot.com/news/airtel-payments-bank-join-hands-with-bharti-axa-life-insurance-offer-rs-2-lakh-insurance-cover-053088.html |work=gizbot.com/ |date=16 August 2018 |language=en}}</ref><ref>{{cite news |title=Bharti AXA, Airtel Payments Bank team up to offer Pradhan Mantri Jeevan Jyoti Bima Yojana - ET Telecom |url=https://telecom.economictimes.indiatimes.com/news/bharti-axa-airtel-payments-bank-team-up-to-offer-pradhan-mantri-jeevan-jyoti-bima-yojana/65421955 |work=ETTelecom.com |language=en}}</ref> In 2019, Airtel Payments Bank started offering [[Atal Pension Yojana]] (a Government of India initiative) through its platform.<ref>{{Cite web|url=https://www.medianama.com/2020/03/223-airtel-payments-bank-aadhaar-enabled-payment-service/|title=Airtel Payments Bank launches Aadhaar-enabled payment service: Report|date=2020-03-02|website=MediaNama|language=en-US|access-date=2020-03-31}}</ref>

== Legal challenges ==
The [[Unique Identification Authority of India]] (UIDAI) suspended [[Bharti Airtel]] and Airtel Payment Bank's licence for eKYC of [[Aadhar]] on 16 December 2017, following complaints from customers that their accounts were being opened without their consent. Some even received their LPG subsidies in their Airtel Payment Bank accounts.<ref>{{cite news|title=UIDAI suspends Airtel, Airtel Payments Bank's eKYC licence|url=http://indianexpress.com/article/business/companies/uidai-bharti-airtel-ekyc-4985801/|access-date=17 December 2017|work=[[The Indian Express]]|date=16 December 2017}}</ref> However, on July 12, 2018, Airtel Payments Bank received requisite approvals from the Reserved Bank of India and Unique Identification Authority of India (UIDAI) to resume on-boarding new customers using of Aadhaar-based e-KYC.<ref>{{cite news |last1=Gupta |first1=Komal |title=Airtel Payments Bank gets RBI nod to resume enrolling customers |url=https://www.livemint.com/Industry/aBZ86QhUUI7sYLSmwltiEO/Airtel-Payments-Bank-gets-RBI-nod-to-resume-taking-new-custo.html |work=livemint |date=12 July 2018}}</ref>

== Financials ==
In 2018-19, Airtel Payments Bank reported a loss of ₹338 crore,<ref>{{cite news |title=Airtel Payment Bank loss widens to ₹339 crore in FY19, revenue jumps 59% |url=https://www.businesstoday.in/current/corporate/airtel-payment-bank-loss-widens-to-rs-339-crore-in-fy19/story/373765.html |publisher=[[Business Today (India)|Business Today]] |date=August 19, 2019}}</ref> while it registered a loss of ₹272 crore in the financial year 2017-18.<ref>{{cite news |last1=Merwin |first1=Radhika |title=Why five out of the 11 payments banks have shut shop |url=https://www.thehindubusinessline.com/money-and-banking/five-out-of-the-11-payments-banks-have-shut-operations-why/article29381134.ece |publisher=[[The Hindu Business Line]] |date=September 10, 2019}}</ref> In FY 20, its revenues rose 87% to ₹474 crore.<ref>{{cite news |title=Airtel Payments Bank's revenue up 87% in FY20 |url=https://www.livemint.com/companies/news/airtel-payments-bank-s-revenue-up-87-in-fy20-11593327563724.html |publisher=[[Livemint]] |date=June 28, 2020}}</ref>

== Awards ==
* IAMAI 7th India Digital Awards for Money Transfer Programme 2017<ref>{{cite web|url=https://iamaiida.in/lastYearWinners.php|title=IMAI Digital Awards 2017|publisher=IAMAI}}</ref>
* Asian Banker Risk Management Award 2018<ref>{{cite web |title=The Asian Banker Risk Management Awards |url=http://www.asianbankerawards.com/riskmanagement/winners.php |website=asianbankerawards.com}}</ref>

==References==
{{Reflist}}

{{Bharti Enterprises}}
{{Payment service providers}}
{{FinTech in India}}
{{Banking in India}}
{{Kotak Mahindra Bank}}

[[Category:Banks established in 2017]]
[[Category:Payments banks]]
[[Category:Payment service providers]]
[[Category:Mobile payments]]
[[Category:Mobile payments in India]]
[[Category:Indian brands]]
[[Category:2017 establishments in Delhi]]
[[Category:Companies based in New Delhi]]
[[Category:Private sector banks in India]]
[[Category:Bharti Airtel]]
[[Category:Kotak Mahindra Bank]]