Bharti Airtel today said the payments bank licence will help in bringing millions of unbanked Indians into the folds of banking services.
Airtel's wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) has been granted the approval for payments bank by the RBI.
"We thank the Reserve Bank of India for granting the payments bank licence to Airtel M Commerce Services Limited. We are confident that this move will play a pivotal role in bringing millions of unbanked Indians into the folds of banking," an Airtel spokesperson said in a statement.
The statement added that Airtel looks forward to contributing in a meaningful way and further the government's larger financial inclusion agenda.
Airtel Money, launched in 2011, was the first mobile based pre-paid payment instrument service in the country.
The company had earlier said that it has deep and wide distribution reach especially in rural and remote parts of the country with a network of over 1.4 million retail points.
