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Bhupesh Bhandari: Telecom spill-over

Airtel Payments Bank started operations in Rajasthan last week and has already got over 20,000 savings accounts

Bhupesh Bhandari 

Bhupesh Bhandari Airtel Payments Bank, a subsidiary of India’s largest telecom service provider Bharti Airtel, started operations in Rajasthan last week and has already got over 20,000 savings accounts. People can maintain an end-of-the-day balance of up to Rs 1 lakh (the cap is not too low because savings accounts with banks on an average hold Rs 25,000 to Rs 30,000), and Airtel has offered interest of 7.25 per cent — this is significantly higher than what banks offer on savings accounts. Airtel’s initiative will surely help to get the unbanked into the mainstream. People ...

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