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Airtel Payments Bank get additional funding

Promoters Bharti Airtel and Bharti Enterprises have infused Rs 325 crore in Airtel Payments Bank. While Bharti Airtel brought in Rs 260 crore, Bharti Enterprises brought in Rs 65 crore, according to regulatory filings. The two entities will be issued preference shares. Airtel Payments Bank MD and CEO Anubrata Biswas said the bank will continue to ramp up its operations now that additional funding has come in. He said the country is going through an unprecedented digital transformation, driven by the government’s vision of Digital India and banking for every Indian and Airtel Payments Bank is experiencing rapid growth, driven by its reach (through 5,00,000 retail banking points), digital proposition and large customer base. The bank also announced it has entered into a bancassurance partnership with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana via its network of banking points across the country.

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