Indian private sector lender Kotak Mahindra Bank is set to buy 19.9% stake in Bharti Airtel’s subsidiary Airtel M Commerce Services (AMSL), on AMSL securing a payment bank licence from Reserve Bank of India (RBI).
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AMSL is currently in the process of applying for the bank license to RBI.
AMSL runs mobile money services under the brand name Airtel Money, which is the first mobile-based pre-paid payment instrument service in India.
Kotak Mahindra Bank joint managing director Dipak Gupta said, "Bharti Airtel has the technology and physical infrastructure, a well-entrenched distribution network in rural and remote areas of the country and has the largest telecom customer base, coupled with our banking expertise, this clearly is a win-win for both."
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By GlobalData
