In a bid to a provide financial aid for its account holders amid the ongoing lockdown, Airtel Payments Bank has waived off all charges on cash withdrawal through instant money transfer.
Additionally, the company is also providing free insurance cover to its business correspondents (BC). Under this, if any BC gets hospitalised due to Covid-19 then he/she will be eligible to receive a fixed allowance of Rs 500 for each day of hospitalisation, up to maximum of 15 days.
During the month of April, 2020, Airtel Payments Bank onboarded over 2.5 million customers through Aadhaar-enabled payments system (AEPS). Through AEPS, customers of any bank with Aadhaar-linked bank accounts can make financial transactions at the designated banking points of Airtel Payments Bank.
Airtel Payments Bank is a joint venture between Bharti Airtel and Kotak Mahindra Bank. At present, the venture has 30 million customers and provides services such as cash withdrawals, transfers and insurance via 200,000 banking points such as small kiranas, neighborhood shops and medical stores.