Operators should be granted payments bank license, says Bharti Airtel

Operators should be granted payments bank license, says Bharti Airtel

Bharti Airtel, is of the view that Reserve Bank of India should grant payment bank license to telecom companies as traditional banks will not be able to deliver financial services to the lower end of the population without incurring huge losses.

Payment banks will provide basic savings, deposit, payment, remittance services and debit cards to people who currently do not have a bank account.

Airtel M Commerce Services Limited, a unit of Bharti Airtel is among 41 applicants, including Reliance Industries, Aditya Birla Group, Tech Mahindra, Vodafone and Videocon, who are seeking payment bank licenses.