The New Airtel Payments Bank Officially Launched

The first payment bank -Airtel Payments Bank is now officially launched in India this week. Arun Jaitley, the Finance Minister has formally launched it. Airtel had previously launched the pilot payments bank scheme across some 10K plus Airtel outlets in Rajasthan.At present, Airtel Payments Bank is live in all the 29 states and as per Airtel, there are close to 2.5 Lakh Airtel outlets that will operate as banking units across India. People will be able to make deposits as well as withdrawals in these stores. But, there are charges that will be involved when it comes to withdrawing money.

As per the company’s official website, for all the cash withdrawals between in the range of Rs.4000-Rs.10,000, you will have to pay a fee of INR 5 to 25. In case you wish to withdraw more than INR 4K, you will have to make an additional payment of 0.65% of the money, which means if you plan to withdraw an amount of 10K then you will land up paying a fee of INR 65. This bank will be supporting account opening using the Aadhaar based e-KYC.