The first payments bank in the country has gone live. 
●    Airtel Payments Bank , which has rolled out a pilot project in Rajasthan, launched with the promise of being a disruptor, offering 7.25% interest on savings bank accounts. 
●    This is the highest return offered by a bank in India, with most lenders giving only 4%.
●    Airtel, which was earlier offering a wallet — Airtel Money — was the first to receive a payments bank licence from the Reserve Bank of India . 
●    After receiving the approval, Airtel entered into a pact with Kotak Bank, which agreed to acquire a 20% stake in the bank. 
●    The bank's focus is on financial inclusion and it will not be issuing ATM or debit cards, but will allow cash withdrawal facilities at designated Airtel retail outlets which will double as banking points. 
●    The bank is also providing a free personal accident cover of Rs 1 lakh with every savings bank account.
●    Payments banks are the brainchild of former RBI governor Raghuram Rajan, who came up with the idea of differentiated bank licences.


 

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