Bharti Airtel-Kotak Mahindra Bank JV gets payment bank license from RBI

RBI has granted a payments bank licence to the JV between Airtel M Commerce Services Limited (a subsidiary of Bharti Airtel) and Kotak Mahindra Bank. In August 2015, RBI had given in-principle approval to 11 applicants for setting up payments banks in the country, which would offer basic savings, deposit, payment and remittance services to people without access to the formal banking system.