Airtel Bank accounts dominate in rural Punjab

Rural accounts dominate among the 1.5 lakh accounts opened by the Airtel Payments Bank in Punjab, a company official said on Thursday.

"Being India's first payments bank, over one and a half lakh (150,000) savings accounts have been opened in Punjab since its launch. Approximately two-thirds of these accounts have been opened in rural areas, contributing to financial inclusion in the state," an Airtel spokesperson said here.

With a view to encourage digital payments and paperless transactions, the 13,000 neighbourhood Airtel retail stores in Punjab function as banking points, where customers can open savings accounts, deposit and withdraw cash.

"Majority of these banking points across the state are in rural areas, helping in extending the reach of services to unbanked regions," the spokesperson said.

The spokesperson said that some of the unique features of the Airtel Payments Bank include a better interest rate of 7.25 per cent on savings accounts, which is the highest in the country, provision for customers to have their mobile number as the account number, one minute of Airtel mobile talk-time for every rupee deposited at the time of opening a savings account and other privileges.

Shashi Arora, Managing Director and CEO of Airtel Payments Bank, said: "We are delighted with the positive response received from our customers in Punjab. We will continue to deliver a smooth digital banking experience to customers and remain fully committed to the government's vision of financial inclusion in the state."