Friday, November 22

Tag: Airtel payments bank

Airtel Payments Bank, Bharti AXA Partner to Offer Pradhan Mantri Jeevan Jyoti Bima Yojana
16Aug By Gauri SinghNo Comments
News

Airtel Payments Bank, Bharti AXA Partner to Offer Pradhan Mantri Jeevan Jyoti Bima Yojana

Airtel Payments Bank and Bharti AXA Life Insurance have entered a partnership to offer the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). PMJJBY is a government-backed life insurance scheme which aims to increase penetration of life insurance products among the underinsured masses and boosting financial inclusion. The product, ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ (PMJJBY) provided by Bharti AXA Life Insurance gives Rs 2 lakh life insurance cover for an annual premium of Rs 330. It can also be purchased by all the existing or even the new Airtel Payments Bank savings bank account holders between the age of 18-50. “Airtel Payments Bank’s distribution network allows financial inclusion to reach the 190 million underinsured Indians,” Anubrata Biswas, Managing Director, Airtel Payme...
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Airtel Payments Bank Receives 5 Crore Fine From RBI
10Mar By Sheldan RungasamyNo Comments
INDIA

Airtel Payments Bank Receives 5 Crore Fine From RBI

Airtel Payments Bank is seeing red this week after the Reserve Bank of India imposed a Rs 5 Cr penalty on the company for violation of operating guidelines and Know Your Customer (KYC) norms. After receiving several complaints and media reports asserting that the bank had opened customer accounts without the explicit consent of the customers, the RBI conducted an administrative visit to the bank on November 20-22, 2017. The fine was later imposed after RBI inspected the banks documents related to the opening of accounts. "The Reserve Bank of India (RBI) has imposed, on March 7, 2018, a monetary penalty of Rs 50 million on Airtel Payments Bank Limited (the bank) for contravening the ?Operating Guidelines for Payments Banks and directions issued by RBI on Know Your Customer (KYC) norms...
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After Airtel Banned From UIDAI, Airtel Payments Bank Head Quits
23Dec By NitishNo Comments
News

After Airtel Banned From UIDAI, Airtel Payments Bank Head Quits

Airtel Payments Bank Managing Director and CEO Shashi Arora has resigned in the wake of the firms eKYC licence suspension by Aadhaar-issuing body UIDAI. "Shashi has decided to move on to pursue opportunities outside of Airtel. We wish Shashi the very best for his future endeavours," the company said in a statement. Arora has been working with Airtel in senior leadership roles since 2006. He was appointed MD and CEO of Airtel Payments Bank on June 1, 2016. "He has been an asset for Airtel and over the years has contributed to the company?s growth story. Having led the operations in key telecom circles followed by building a strong DTH business, he has laid the foundation for Airtels payments bank operations," the statement said. The Unique Identity Authority of India...
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Fino Paytech Plans To Launch Its Payments Bank Within Two Months
11Apr By PriyankaNo Comments
News

Fino Paytech Plans To Launch Its Payments Bank Within Two Months

Fino Paytech is seeking help from ICICI Bank to set up its payments bank venture and is aiming to launch the new entity within two months, a top official said. "We are aiming to launch payments bank in one-and-a- half to two months. We're taking assistance from ICICI Bank for setting up the bank," chief executive Rishi Gupta told Pixr8. The ICICI Group owns a 20 per cent stake in the bank. Fino, a banking correspondent company which received the final nod from the Reserve Bank last month, needs one more set of internal approvals before launching the operations which include one from the board for operationalising, he said. Apart from the internal nods, integration with payment systems, which will help interoperability for its customers, will take a bulk of time, Gupta said. ...
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