Airtel M Commerce Services Ltd (AMSL), a wholly owned subsidiary of country’s largest telecom service provider Bharti Airtel, plans to apply for a Payments Bank License which will be issued by the Reserve Bank of India (RBI).
Curently, AMSL offers mobile money services under the brand name — Airtel Money.
Kotak’s banking expertise coupled with Airtel’s strength in telecom will help deliver financial services to millions of unbanked citizens across the country, he added.
Bharti Airtel has over 215 million subscribers and with 31 per cent revenue market share.
Airtel Money, launched in 2011 was the first mobile based pre-paid payment instrument service in the country, the statement added.