The Reserve Bank of India has granted payment bank license to Bharti Airtel- Kotak Mahindra Bank joint venture. Bharti Airtel had applied for the license through its subsidiary AMSL in January with Kotak Mahindra. Kotak had picked up 19.9% stake in Airtel M Commerce, for Rs 98.4 crore in February. A BSE filing from Airtel said Airtel M Commerce Services Limited (AMSL), a subsidiary of Bharti Airtel Limited has been granted payments bank license from Reserve Bank of India on 11 April 2016.