12 July 2018
Airtel Payments Bank today said it has received requisite approvals from the Reserve Bank of India to begin taking new customers. Also, Aadhaar-issuing authority UIDAI has allowed it to use the 12-digit unique identification number-based e-KYC, it said in a statement.
“Airtel Payments Bank has received requisite approvals from the Reserve Bank of India to start on-boarding new customers,” the statement said. “Airtel Payments Bank has also been permitted by the UIDAI to resume the on-boarding of customers using Aadhaar based e-KYC. We thank the authorities for the approvals,” it added.
Airtel Payments Bank, it said, remains committed to the government’s vision of financial inclusion and banking for all.
A payments bank is like any other bank, but operates on a smaller scale without involving any credit risk.It can accept deposits of up to Rs 1 lakh, offer remittance services, mobile payments/transfers/purchases and other banking services like ATM/debit cards, net banking and third party fund transfers but cannot advance loans or issue credit cards.