The biggest telecom network in India recently opened the country's first payments bank. This new banking model accepts restricted deposits and do not do credit cards or loans. The Airtel Payments Bank also addresses India's unbanked population by making financial services more accessible. This service is available in all 29 states, with 250,000 retail locations country-wide acting as banking centers.
People interested in opening a bank account with Airtel won't need to worry about providing documentation either, because the new bank falls under the Indian government's Aadhaar initiative. This program establishes cloud-based driving documents and other identification information like fingerprints and eye scans. India's effort to make banking widely available via mobile devices also paved the way for Airtel's latest development.