Airtel gets ‘Scheduled Bank’ status

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Airtel Payments Bank is one of the fastest-growing digital banks in the country, with a base of 115 million users…reports Asian Lite News

Airtel Payments Bank said on Tuesday that it has been categorised as a ‘Scheduled Bank by the Reserve Bank of India.

The new status will allow Airtel Payments bank to pitch for government-issued ‘Requests for Proposals’ (RFPs) and primary auctions and undertake both Central and state government business besides participating in government-operated welfare schemes.

“This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank,” Anubrata Biswas, MD and CEO, Airtel Payments Bank, said in a statement.

At present, Airtel Payments Bank offers a complete end to end digital banking solution.

Airtel Payments Bank is one of the fastest-growing digital banks in the country, with a base of 115 million users, the statement claimed.

“The bank turned profitable in the quarter ending September 2021. It offers a diverse suite of digital solutions through the Airtel Thanks app and a retail network of over 500,000 neighbourhood banking points,” it said.

Meanwhile, Bharti Airtel said on Tuesday that the scheme of arrangement for the new corporate structure announced stands withdrawn.

“The seminal telecom sector reforms package announced by the Government of India has significantly boosted the outlook and investor confidence for the industry while simplifying the license framework,” the company said.

With a strong balance sheet and 5G ready network, Bharti Airtel is well positioned to invest aggressively in the emerging growth opportunities offered by India’s digital economy.

“The Board of Directors of Airtel is of the view that the existing corporate structure of the Company is, therefore, optimal for leveraging these emerging opportunities and unlocking value while continuing to scale up Airtel’s digital businesses. Therefore, the scheme of arrangement for the new corporate structure announced on April 14, 2021 stands withdrawn,” the company added.

Under a modified scheme, the Company, as previously approved by the Board, will merge its wholly owned subsidiary Telesonic Networks Limited, resulting in consolidation of its fibre assets into Airtel. In addition, Nettle Infrastructure Investments Limited will also be merged with Airtel. As announced earlier, the Company will pursue its plan to eventually fold the DTH business (Bharti Telemedia) into Airtel to move towards the NDCP vision of converged services, it added.

The company’s businesses continue to be categorised under four key verticals – India, Digital, International and Infrastructure.

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