Bharti Airtel’s banking division, Airtel Payments Bank, is experiencing a significant increase in new account openings, including applications for FasTAG, following a noticeable shift away from Paytm Payments Bank. Among the original eleven recipients of the Reserve Bank of India’s payments bank licenses, only six remain operational, with Airtel Payments Bank being a notable survivor after five others ceased operations.
The recent issues surrounding Paytm have led to increased scrutiny of the viability and prospects of payment banks. However, Anubrata Biswas, the Managing Director and CEO of Airtel Payments Bank counters these doubts by advocating for the expanded role of payment banks in India, emphasizing their untapped potential in serving both consumers and merchants. Biswas, in an interview, expressed optimism about the future contributions of payment banks without commenting on the situation with Paytm.
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