Airtel Payments Bank has announced that it has been granted the status of a scheduled bank by the Reserve Bank of India (RBI).
Having received the status of a scheduled bank, Airtel Payments Bank can now apply for government-issued requests for proposals (RFPs) and primary auctions.
In addition to this, it can also take up central and state government-level businesses and also participate in government-operated welfare schemes, the company said in a statement.
Airtel Payments Bank is among the fastest-growing digital banks in the country, with a base of 115 million users. It offers a suite of digital solutions through the Airtel Thanks app and a retail network of over 500,000 neighbourhood banking points The bank turned profitable in the quarter ended September 2021.
Anubrata Biswas, CEO of Airtel Payments Bank, said, “We are thankful to the Reserve Bank of India for adding us to the list of Scheduled Banks. This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank.”