Bharti teams up with Kotak for payment bank

With barely four days left for submitting applications for payment bank licences, telecom operators, retailers and prepaid payment instrument issuers are in a rush to partner private sector banks.Airtel M Commerce Services Ltd (AMSL), a wholly owned subsidiary of the country’s largest telecom service provider Bharti Airtel, said on Thursday that it would apply to the Reserve Bank of India (RBI) for a licence and Kotak Mahindra Bank will acquire 19.90 per cent stake in it. Currently, AMSL offers mobile money services under the brand name Airtel Money.


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