Airtel Payments Bank said on Tuesday that it has been categorised as a ‘Scheduled Bank by the Reserve Bank of India.
The new status will allow Airtel Payments bank to pitch for government-issued ‘Requests for Proposals' (RFPs) and primary auctions and undertake both Central and state government business besides participating in government-operated welfare schemes.
"This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank," Anubrata Biswas, MD and CEO, Airtel Payments Bank, said in a statement.
At present, Airtel Payments Bank offers a complete end to end digital banking solution.
Airtel Payments Bank is one of the fastest-growing digital banks in the country, with a base of 115 million users, the statement claimed.
"The bank turned profitable in the quarter ending September 2021. It offers a diverse suite of digital solutions through the Airtel Thanks app and a retail network of over 500,000 neighbourhood banking points," it said.