Payment Banks

Airtel Payments Bank has posted a 45 per cent increase in net profit to Rs 11.2 crore for the second quarter ended September 2024, the company said on Wednesday. The company had registered a net profit of around Rs 7.72 crore a year ago. The bank said its quarterly revenue grew 58 per cent to Rs 674 crore during the reported quarter on a year-on-year basis. "These results underscore our position as a key player in the digital banking sector, where we have been the fifth largest mobile bank in India. The rising adoption of our digital solutions and security features has made us India's first choice for a safe second account. This growth validates the strength of the payments bank model," Airtel Payments Bank MD and CEO Anubrata Biswas said. Airtel Payments Bank's monthly transacting users (MTU) rose 76 per cent on a year-on-year basis to 102 million in the quarter under review. The annualised gross merchandise value (GMV) crossed USD 40 billion and customer balances increased by 43

Airtel Payments Bank on Thursday said its net profit for the June quarter rose 41 per cent year-on-year to Rs 7.2 crore, amid uptick in digital savings bank accounts alongside other digital offerings. Announcing its consolidated report card for the first quarter ended on June 30, 2024, Airtel Payments Bank said it has hit a significant milestone and that, in a first, the bank's quarterly revenue grew to Rs 610 crore, up by 52 per cent on-year. The net profits stood at Rs 7.2 crore, up by 41 per cent year on year. "During the quarter, the Bank's Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53 per cent year-on-year to Rs 2,943 crore," it said. The Bank's annualised gross merchandise value stands at over Rs 3,400 billion (Rs 3,40,000 crore). "The growth in revenue and MTUs has been driven primarily by an uptake in the Bank's digital savings bank account along with other digital offerings. The Bank's eco-friendly NCMC (National

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From Airtel Payments Bank's COO Ganesh Ananthanarayanan to Parag Rao, Country Head for Payments Business, Consumer Fin, Digital Banking at HDFC Bank, here are panelists from digital & payment banks

Bank executives said this is step to broad-base set up and enhance quality of service for government business

Considers allowing payments banks, SFBs to handle application process; decision likely in Tuesday's meeting

Payment banks can now hold Rs 2 lakh instead of Rs 1 lakh as end-day balance per customer

SFBs will at once be identified as scheduled banks and can open branches immediately

It is only when their customer volumes are cranked up that we can see the full benefits of scale achieved at low per-customer overheads

Mandating that Indian citizens' payment data should be stored within the country may be counter-productive