NEW DELHI: The Reserve Bank of India has classified Airtel Payments Bank as a "Scheduled Bank," the company announced on Tuesday.
With the new status, Airtel Payments Bank will be able to compete for government-issued 'Requests for Proposals' (RFPs) and primary auctions, as well as do business with both the federal and state governments and participate in government-run social programmes.
In a statement, Anubrata Biswas, MD and CEO of Airtel Payments Bank, said, "This status is an important milestone in our growth journey and will further reaffirm the faith our consumers have placed in the bank." Airtel Payments Bank currently provides a complete end-to-end digital banking service. According to the statement, Airtel Payments Bank is one of the fastest-growing digital banks in the country, with a customer base of 115 million.
"In the third quarter of 2021, the bank became profitable. It has a retail network of over 500,000 neighbourhood banking points and offers a comprehensive range of digital offerings through the Airtel Thanks app "It was stated.