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one more schedule bank in India as Reserve Bank include Airtel Payment Bank in list | The country got another schedule bank, the Reserve Bank included Airtel Payment Bank in the list

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The country got another schedule bank, the Reserve Bank included Airtel Payment Bank in the list

Highlights

  • Reserve Bank includes Airtel Payments Bank in the list of scheduled banks
  • airtel payment bank will be considered as scheduled commercial bank
  • Banks in India are divided into scheduled and non-scheduled banks.

The country has got another schedule bank today. The Reserve Bank on Tuesday included Airtel Payment Bank in the list of scheduled banks. RBI today announced that Airtel Payments Bank has been included in the second schedule of the Reserve Bank of India Act 1954. Now Airtel Payment Bank will be considered as Schedule Commercial Bank.

Airtel Payments Bank has one of the largest retail networks with over 500,000 banking points. The bank has registered a significant growth in new accounts during FY21. Bank transactions have also increased. Currently, one in six villages in the country is served by Airtel Payments Bank.

Its digital banking solutions allow users to open a bank account in five minutes using video KYC, pay with Active Payments and receive benefits with the ‘Rewards123’ program.

What are Scheduled Banks

Banks in India are divided into scheduled and non-scheduled banks. The banks which have been included in the Second Schedule of the RBI Act, 1934 are called Scheduled Banks. To get the status of a scheduled bank, a bank has to fulfill certain conditions regarding its financial condition and the way it deals with customers. Banks included in this schedule can get loans from RBI at bank rate. Get membership of Bank Clearing House. Apart from this, they also get many other facilities in raising money and banking work.

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