Airtel Payments Bank, a subsidiary of Bharti Airtel, has announced the launch of 'Bharosa' savings account that is designed to serve the unbanked and underbanked people in India. The new initiative will enable customers to withdraw cash, check balance and access mini statement of the account at over 6,50,000 Aadhaar Enabled Payment System (AePS) outlets across India.
Aimed at fulfilling the governments' vision of financial inclusion, 'Bharosa' savings account requires the account holder to keep the minimum monthly balance of just Rs 500. The Bharosa savings account also offers free personal accident cover of Rs 5 lakh. Customers will also get cashback if they decide to receive subsidies in their Bharosa savings account.
"The benefits of this product will be further amplified through a structured roadway for phased introduction of other features linked to formal banking. To begin with, it will be available at over a quarter-million banking points. Bharosa savings account customers can also withdraw cash, check their balance or access a mini statement of their account at over 6,50,000 AePS (Aadhaar-enabled payment system) enabled outlets across India," the company said in a statement.
The new Bharosa savings account from Airtel Payments Bank will allow the user to carry out just one debit transaction per month.
Airtel Payments Bank offers digital banking services aimed at financial inclusion through a network of 5 lakh neighbourhood banking points spread across the country. Back in 2015, RBI had given a nod to 11 entities to start their payment bank operations in India.
Edited By: Udit Verma