India: Airtel Payments Bank to start services between July and September

Men make phone calls as they sit on a railing with Bharti Airtel billboards installed on it, along a sidewalk in Kolkata February 1, 2013. REUTERS/Rupak De Chowdhuri/Files

Airtel Payments Bank will start services in the second quarter of the current fiscal year, parent Bharti Airtel Ltd said. Kotak Mahindra Bank holds 19.9% in the payments bank, which is currently called Airtel M-Commerce Services Ltd.

Airtel M-Commerce Services is one of the 10 payments bank licencees due to launch services by early next year. In August 2015, the Reserve Bank of India (RBI) had granted an in-principle nod to 11 entities to offer payment banking services.

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