Airtel Payments Bank Limited has commenced its operations as a payments bank with effect from November 23, 2016. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.
Airtel M Commerce Services Limited was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, as announced in the press release on August 19, 2015.
Anirudha D. Jadhav
Press Release: 2016-2017/1301
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