Airtel Payments Bank opens 150,000 savings accounts in West Bengal

Airtel Payments Bank, India’s first payments bank has opened over 150,000 savings accounts in West Bengal. 

Approximately 70 per cent of these accounts have been opened in rural areas, thereby, contributing to financial inclusion in the state. In West Bengal, over 21,000 neighbourhood Airtel retail stores also function as banking points, and customers can open savings accounts, deposit and withdraw cash across any of these banking points. Majority of these banking points across the state are in rural areas, helping in extending the reach of services to unbanked regions. 

Shashi Arora, MD & CEO – Airtel Payments Bank said, “Given Airtel’s deep distribution reach across the state, we have been able to take our banking services to unbanked regions. We will continue to build on this momentum and contribute to financial inclusion in the state.”

Airtel Payments Bank is developing a nationwide merchant ecosystem of over five million partners including small kirana stores, grocers, pharmacies, restaurants, etc. It is also enabling a large network of merchant across West Bengal. Leading retail outlets/chains like Spencers, Khadims, Manyavar, Bazaar Kolkata, Aarambagh Foodmart, Bhojohori Manna and Balaram Mullick & Radharaman Mullick will now accept digital payments from Airtel Payments Bank customers over mobile phones.

Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions, thereby encouraging them to adopt cashless payments.

Airtel Payments Bank has enabled over 100 villages across West Bengal to go cashless as part of its endeavor to take its banking services deep into rural/unbanked areas and contribute to financial inclusion in the country. Airtel Payments Bank aims to enable 5000 villages across India to go cashless under this initiative. 

Airtel Payments Bank currently has a network of over 250,000 neighbourhood Airtel retail stores, which also function as banking points.