You are here: Home » Companies » News

Kotak Mahindra Bank buys stake in Airtel M Commerce for Rs 98 crore

Airtel M-commerce eyes to be a payments bank

Private sector lender Kotak Mahindra Bank has acquired 19.9 per cent stake in Airtel M Commerce, for Rs 98.38 crore.

Airtel M Commerce, a wholly-owned subsidiary of Bharti Airtel, had won an in-principle licence from the Reserve Bank of India for setting a payments banks. Kotak had tied up with Bharti Airtel in January last year, which was at the application stage.

It was among 11 players, of 42 applicants, that were granted the in-principle licence last year.

Payments banks can accept deposits of up to Rs 1 lakh and can offer current and savings account deposits.

They can issue debit cards and offer internet banking but are not allowed to lend or issue credit cards.

(Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited)

image
Business Standard
177 22
Business Standard

Kotak Mahindra Bank buys stake in Airtel M Commerce for Rs 98 crore

Airtel M-commerce eyes to be a payments bank

BS Reporter  |  Mumbai 



Kotak Mahindra Bank buys stake in Airtel M Commerce for Rs 98.38 cr

Private sector lender Kotak Mahindra Bank has acquired 19.9 per cent stake in Airtel M Commerce, for Rs 98.38 crore.

Airtel M Commerce, a wholly-owned subsidiary of Bharti Airtel, had won an in-principle licence from the Reserve Bank of India for setting a payments banks. Kotak had tied up with Bharti Airtel in January last year, which was at the application stage.



It was among 11 players, of 42 applicants, that were granted the in-principle licence last year.

Payments banks can accept deposits of up to Rs 1 lakh and can offer current and savings account deposits.

They can issue debit cards and offer internet banking but are not allowed to lend or issue credit cards.

(Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited)

RECOMMENDED FOR YOU

Kotak Mahindra Bank buys stake in Airtel M Commerce for Rs 98 crore

Airtel M-commerce eyes to be a payments bank

Airtel M-commerce eyes to be a payments bank

Private sector lender Kotak Mahindra Bank has acquired 19.9 per cent stake in Airtel M Commerce, for Rs 98.38 crore.

Airtel M Commerce, a wholly-owned subsidiary of Bharti Airtel, had won an in-principle licence from the Reserve Bank of India for setting a payments banks. Kotak had tied up with Bharti Airtel in January last year, which was at the application stage.

It was among 11 players, of 42 applicants, that were granted the in-principle licence last year.

Payments banks can accept deposits of up to Rs 1 lakh and can offer current and savings account deposits.

They can issue debit cards and offer internet banking but are not allowed to lend or issue credit cards.

(Kotak Mahindra and associates are significant shareholders in Business Standard Private Limited)

image
Business Standard
177 22
Widgets Magazine

More News

  • MobiKwik MobiKwik raises $40 million from Nasdaq-listed Net1
  • Star TV Advertisers pay IPL-like rates for India-West Indies T20
Widgets Magazine
Widgets Magazine

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard