The RBI has designated Airtel Payments Bank as a scheduled bank
In the quarter ended September of 2021, the bank became profitable
The Reserve Bank of India has classified Airtel Payments Bank as a scheduled bank, the company announced on Tuesday (RBI).
Airtel Payments Bank can now compete for government-issued Requests for Proposals (RFPs) and primary auctions, as well as do business with both the federal and state governments and participate in government-run social programmes, according to a statement.
"In a boost to its fast growing digital banking footprint, Airtel Payments Bank has been categorised as Scheduled Bank by the Reserve Bank of India," it said.
With 115 million subscribers, Airtel Payments Bank is one of the country's fastest-growing digital banks. It has a retail network of over 500,000 neighbourhood banking stations and offers a range of digital options through the Airtel Thanks app.
In the third quarter of 2021, the bank became profitable.
Anubrata Biswas, CEO of Airtel Payments Bank, said, "We are thankful to the Reserve Bank of India for adding us to the list of Scheduled Banks."
"This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank," Biswas added.