Airtel promises to bring millions unbanked into banking folds post the payments bank licence nod

Bharti Airtel on Wednesday said the payments bank licence will help in bringing millions of unbanked Indians into the folds of banking services.

Airtel's wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) has been granted the approval for payments bank by the RBI.

"We thank the Reserve Bank of India for granting the payments bank licence to Airtel M Commerce Services Limited. We are confident that this move will play a pivotal role in bringing millions of unbanked Indians into the folds of banking," an Airtel spokesperson said in a statement.

The statement added that Airtel looks forward to contributing in a meaningful way and further the government s larger financial inclusion agenda.

Airtel Money, launched in 2011, was the first mobile based pre-paid payment instrument service in the country.

The company had earlier said that it has deep and wide distribution reach especially in rural and remote parts of the country with a network of over 1.4 million retail points.