Bharti Airtel's subsidiary (AMSL) to apply for Payments Bank License
License to pave way for Kotak Mahindra Bank to acquire 19.90% in AMSL
Bharti Airtel announced that the following:- Airtel M Commerce Services (AMSL), a wholly owned subsidiary of Bharti Airtel, has decided to seek conversion of its existing Pre-paid Payment Instrument license into a Payments Bank License from the Reserve Bank of India (RBI) pursuant to the Payments Banks Guidelines issued by the RBI.
- Subject to the grant of a Payments Bank License by the RBI to AMSL, and other regulatory approvals, Kotak Mahindra Bank (KMBL) will be acquiring 19.90% stake in AMSL.
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