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).
Go deeper with GlobalData
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."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
