CURRENT AFFAIRS

Detailed explanation-1: -Airtel Payments Bank Launches ‘Bharosa Savings Account’

Detailed explanation-2: -What is Bharosa Savings Account? Bharosa Savings Account is like a normal savings account. It allows customers to withdraw cash, check their balance and access a mini statement of their account. It is available across 6.50 lakh Aadhaar-enabled payment system (AePS) enabled outlets across India.

Detailed explanation-3: -On April 11, 2016, Airtel Payments Bank became the first entity in India to receive a payments bank license from the Reserve Bank of India (RBI). It intends to bring banking services to the doorstep of every citizen of the country.

Detailed explanation-4: -Paytm Payments Bank Ltd (PPBL) became the largest and fastest-growing UPI beneficiary bank in India. It becomes the first beneficiary bank in the country to achieve the landmark of over 926 million UPI transactions in a single month. Beneficiary banks are the banks of the account holder who is receiving money.

Detailed explanation-5: -The first of its kind in India, Airtel Payments Bank is a one-stop solution to several traditional banking problems, such as endless queues or lengthy procedures to open a savings account. With Airtel Payments Bank, opening a savings account is a paperless process which takes only a few minutes.