India;s largest telecom operator, Bharti Airtel has renamed its mobile commerce unit Airtel Payments Bank and is planning to launch banking services by the end of June this year.
The service provider’s banking unit, Airtel M-Commerce Services received a banking license from Reserve Bank of India earlier this year. “The company plans to start rolling out its banking network in the second quarter of the current financial year,” says the press note issued by the company. The second quarter started on 1 April so ends on 30 June.
“The new identity reflects our strong focus on the payments bank segment and our commitment to the Government’s vision of financial inclusion and banking services for every citizen,” says Airtel’s Managing Director and CEO, Gopal Vittal in the press note. Airtel Payments Bank is 19.9% owned by Kotak Mahindra Bank.
Airtel’s peers, Vodafone India, Reliance Jio and Idea Cellular are also planning to aggressively foray in the banking segment. Indian telcos are looking at innovative services to enhance their revenue.