CURRENT AFFAIRS

Detailed explanation-1: -Airtel Payments Bank is now integrated with the National Payments Corporation of India’s (NPCI)-National Financial Switch (NFS) to facilitate micro ATM transactions.

Detailed explanation-2: -Airtel Payments Bank started with an 80:20 partnership between Bharti Airtel and Kotak Mahindra Bank. Bharti Airtel launched Airtel Payments Bank in September 2016 and went live with its pilot project in Rajasthan in November 2016.

Detailed explanation-3: -Your Airtel Payments Bank Savings Account comes with a digital debit card that you can use to make payments on all online platforms where debit cards are accepted. You have the option to order the physical card which can be used to withdraw cash from ATMs and to shop at most stores across India.

Detailed explanation-4: -Analysts told the publication that they expect the bank to generate annual revenues upwards of $1 Bn by 2030 largely on the back of a sharp rise in its monthly transacting user base and strong revenue generation potential for the payments bank in the B2B space.

Detailed explanation-5: -As India’s first Payments Bank, we aim to give every Indian access to an equal, effective, and trustworthy banking experience. Airtel Payments Bank was launched in January 2017, by Bharti Airtel, India’s largest telecom provider, to support the cashless revolution promised by the Government of India.