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Airtel Payments Bank recorded progress in all three core enterprise segments – the city digital client, the agricultural underbanked, and industries & companies, it mentioned in an announcement. Diversified product choices like digital funds, cash transfers, insurance coverage, referral credit score and assortment administration providers contributed to its progress.
In the January-March quarter, revenues grew 19% QoQ to Rs 379 crore.
“This 12 months has been a stellar one in our progress journey. Our trusted model and progressive merchandise, backed by unmatched distribution attain and expertise, place us nicely to speed up our progress additional,” mentioned MD and CEO Anubrata Biswas. “Our sturdy efficiency is a validation of the funds financial institution mannequin and its function in serving the digital and monetary inclusion wants of the nation.”
In FY23, buyer deposits for Airtel Payments Bank grew 59% to Rs 1,865 crore, pushed by the addition of latest customers. The firm now has 54.7 million month-to-month transacting customers, in contrast with 43 million in FY22. The firm’s gross merchandise worth (GMV) rose to over Rs 2 trillion, a rise of 46% over Rs 1.37 trillion in FY22.
Airtel Payments Bank now processes over 7 billion annualised transactions throughout its platforms, making it the fastest-growing digital financial institution. It has a retail banking community of 500,000 neighbourhood banking factors, and has 3,000 company companions.
In March, FE reported that the corporate is focusing on to record on the inventory exchanges within the subsequent two-three years and has began talks with sure strategic buyers earlier than developing with its preliminary public providing.
