New Delhi. Airtel Payments Bank’s platform has seen a huge increase in the number of new customers applying online for opening bank accounts and offers like Fastag in the last few days. Chief Executive Officer Anuvrat Biswas gave this information on Friday. Biswas, however, did not confirm the role of the RBI crackdown against Paytm Payments Bank Ltd (PPBL) in the sudden increase in activity on the payments bank’s platform. RBI has directed One97 Communications Ltd-controlled PPBL to stop accepting deposits or top-ups in customer accounts, wallets, Fastag and other instruments after February 29.
RBI has taken this action due to continuous violation of regulatory provisions. Speaking to PTI on the performance and operations of Airtel Payments Bank, Biswas said, “All our digital products, whether it is a customer applying for a fixed deposit, whether it is a new customer applying online for a bank account or for Fastag. There are five-seven times more customers applying than in January. This has happened in the last few days. According to Biswas, online applications for savings bank accounts and digital products like Fastag have increased manifold in the last few days.
Whatever the context, it seems consumption of the bank’s products is increasing, he said. Meanwhile, Airtel Payments Bank said its revenue stood at Rs 469 crore in the October-December, 2023 quarter, up 47 percent year-on-year. During this period, its net profit also increased by 120 percent to Rs 11 crore. Airtel Payments Bank serves customers across three segments – urban digital, rural under-banked and industry & business.
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