HYDERABAD, Feb 14: Airtel Payments Bank, India’s first payments bank, has enabled more than 70 villages across Andhra Pradesh and Telangana to go cashless as part of its endeavor to take its banking services deep into rural/unbanked areas and contribute to financial inclusion in the state.
These villages now have access to basic banking services and the option of making digital payments, making them less reliant on cash. Airtel Payments Bank aims to enable 1000 villages across the state to go cashless under this initiative, a statement said here today.
Residents of these villages no longer have to travel huge distances to access a bank and no longer need to keep their money at home and worry about its safety.
They are also able to earn a healthy interest rate on their savings deposits. Most households in these villages have one or more family member working in cities/towns across the country and they can now receive money transfers from family members/friends conveniently. Airtel Payments Bank will not charge any processing fee from its customers and merchants partners for digital transactions, thereby encouraging them to adopt cashless payments.
Airtel Payments Bank has committed an investment of Rs 3000 crore across its National operations and plans to build a digital payments eco-system with over 5 million merchants. Over one million merchants have already been on board across the country, the statement added. (UNI)