Telecoms giant Bharti Airtel has launched a 'payment bank' pilot scheme across the state of Rajasthan, inviting people to open an account using their Aadhaar ID number, according to reports. Airtel, Paytm and the Department of Posts were among the firms granted licences by the Indian government last year, and can offer services including transactions, issue credit and debit cards and accept deposits, but they are prevented from lending money. The move is part of Prime Minister Narendra Modi's drive for digital payments in India, which he says will help reduce poverty while boosting economic growth.
Telecoms giant Bharti Airtel has launched a 'payment bank' pilot scheme across the state of Rajasthan, inviting people to open an account using their Aadhaar ID number, according to reports. Airtel, Paytm and the Department of Posts were among the firms granted licences by the Indian government last year, and can offer services including transactions, issue credit and debit cards and accept deposits, but they are prevented from lending money. Shashi Arora, CEO of Airtel Payments Bank said the service would "benefit millions of unbanked citizens of this country".