Airtel launches India's 1st payments bank
Bharti Airtel on Wednesday launched a pilot of India's first payments bank in Rajasthan with 7.25% interest on deposits in savings accounts. Airtel subscribers' mobile number will function as a bank account number and transfer from Airtel to Airtel phone numbers will be free. Payments banks can accept deposits of up to ₹1 lakh per account, but cannot issue loans.