Airtel Payments Bank, the country's first payment banking entity, will go for selling simpler third party insurance and loan-related products within a year in order to bolster its revenue stream. The payment JV of Bharti Airtel and Kotak Mahindra Bank is trying to tap 90% of the 14 million ‘cash-only’ small merchants in India for introducing direct cashless payments through its platform.
“According to RBI norms, as a payment bank, we cannot offer fixed deposits (FD). Offering mutual fund portfolio is tough for any payment bank. Also, we are not allowed to carry out direct lending activity. But just like other banks, we are mulling over unveiling various easy third-party loans and life insurance products within one year from now. For selling them, we may join hands with some banks or NBFCs (non-banking finance corporation),” said MD & CEO Shashi Arora at an event here on Thursday.
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