The apex bank, Reserve Bank of India, on Monday granted payments bank licence to telecom service provider Bharti Airtel, for which it had applied in partnership with Kotak Mahindra Bank, a company statement said here. “We are pleased to inform you that Airtel M Commerce Services Limited (AMSL), a subsidiary of Bharti Airtel Limited, has been granted payments bank licence from Reserve Bank of India on April 11, 2016,” the statement said.
Bharti Airtel and Kotak Mahindra had applied for the payment bank licence through AMSL, which launched Airtel Money in 2011. Airtel Money was the first mobile based pre-paid payment instrument service in the country and it empowers millions across India to leverage their mobile phones as a secure way for making payments and transferring money. Kotak had picked up 19.9 percent stake in Airtel M Commerce, for Rs.98.4 crore in February.