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Airtel Payments Bank launches Bharosa savings account

Airtel Payments Bank launches Bharosa savings account

Airtel Payments Bank has launched Bharosa savings account which enables customers to withdraw cash check their balance or access a mini statement of their account at over 6,50,000 Aadhaar-enabled payment system (AePS) enabled outlets across India.

These services have been designed for deepening financial inclusion in the country.

The benefits of this product will be further amplified through a structured roadway for the phased introduction of other features linked to formal banking. To begin with, it will be available at over a quarter million banking points.

The balance or access a mini statement of their account at over 6,50,000 AePS (Aadhaar-enabled payment system) enabled outlets across India.

What is a Payment Bank?

According to the Reserve Bank of India guidelines for licensing of payments banks, the main objective of a payments bank is to enhance financial inclusion. This is expected to be done by providing small savings accounts.

A payments bank is not allowed to give any form of a loan or issue a credit card. Even in the case of savings accounts, a payments bank has certain restrictions. Customers can open a savings account with deposits of only up to ₹1 lakh.

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