Bharti Airtel, Bharti Enterprises Infuse Rs 325 Crore In Airtel Payments Bank
Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer term life insurance plan to its customers.
Bharti Airtel Ltd. and Bharti Enterprises Ltd. have injected about Rs 325 crore in Airtel Payments Bank, regulatory documents showed Tuesday.
Bharti Airtel has invested Rs 260 crore and Bharti Enterprises Rs 65 crore in the form of preference shares, according to the details of the regulatory filing shared by market intelligence firm Tofler.
The Airtel Payments Bank will continue to invest in ramping up operations to tap the "enormous opportunity presenting itself", said Chief Executive Officer Anubrata Biswas when asked about the funding.
"The country is going through an unprecedented digital transformation, driven by the government's vision of Digital India and banking for every Indian," Biswas said, adding that Airtel Payments Bank is experiencing rapid growth, driven by its reach through 5,00,000 retail banking points, digital proposition and large customer base.
"The bank has developed a robust platform to take convenient digital banking services to the vast under-banked population, across individuals and merchants,” said Biswas. “We'll continue to invest in scaling up our operations in order to harness the enormous opportunity presenting itself.”
On Tuesday, Airtel Payments Bank announced it has partnered with Bharti AXA Life Insurance to offer ‘Bharti AXA Life POS Saral Jeevan Bima Yojana' via its network of banking points across India.
Bharti AXA Life Point Of Sale Saral Jeevan Bima Yojana is a pure term life insurance plan aimed at the underinsured and uninsured segments in India, the company said in a statement. "The consumers are offered the option to choose a policy cover of either 3 lakh or 5 lakh at affordable premiums," it added.