Founder and Chairman of Bharti Enterprises, Sunil Bharti Mittal,(L), Union Finance Minister, Arun Jaitley (C) and vice chairman and managing director of Kotak Mahindra Bank, Uday Kotak (2R) pose during the launch of Airtel payment banks, in New Delhi on January 12, 2017. / AFP PHOTO / Chandan KHANNA
MUMBAI/NEW DELHI: Bharti Airtel Ltd, India's top wireless carrier, unveiled a so-called payments bank, committing an initial investment of 30bil rupees (RM1.96bil or US$441mil) to build a nationwide network.
Airtel Payments Bank is the first among several such niche banks to start operations, after the central bank handed over new permits to bring financial services within the reach of millions who still lack access to formal banking.
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