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Airtel Payments Bank customers to get 1 minute of talk time for every Re deposited

Airtel Payments Bank, which piloted last month in Rajasthan, will be giving its customers one minute of talk time  on their Airtel mobile for every Rupee deposited. Note that this is applicable for first time deposits only. For example, if a customer opens an account with a deposit of Rs 1,000 they will get 1000 minutes of free talk time. An account on a payments bank will be allowed to hold a maximum of Rs 1 lakh according to Reserve Bank of India (RBI) guidelines. Technically, an Airtel Payments Bank customer should be able to get 1 lakh minutes of talk time if a customer deposits such an amount. However, an Airtel spokesperson clarified that the validity of the talk time will be only for 30 days.  Airtel added that it will be expanding its merchant network in Rajasthan to 100,000 by the end of the year. The pilot commenced with banking points at 10,000 Airtel retail outlets.  It's worth remembering that the RBI has mandated that a payments banks will be required to have at least 25% of physical access points including BCs in rural centres. Airtel has a retail distribution network of over 1.5 million retail outlets across India. Currently, Airtel Payments Bank offers 7.25 % per annum on deposits in savings accounts and  a customer’s Airtel mobile number will be their bank account number. It also offers personal accidental insurance of Rs 1 lakh with every savings account.  Airtel got its payments bank license from the RBI in April.  Kotak Mahindra Bank bought a 19.9% stake in…

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