Fin inclusion, digital growth to drive payments bank momentum in India: Airtel Payments Bank CEO
Airtel Payments Bank CEO Anubrata Biswas is optimistic that the payments bank momentum in India will yield strong growth horizons and opportunities in the coming years, supported by financial inclusion imperatives and rapid pace of economic and digital growth. In an interview to PTI, Biswas said FY24 has been a «remarkable year» for Airtel Payments Bank, which has been growing in double digits across all key metrics such as users, revenue, and profits.
«We are still closing the books (for the fiscal) but as we stand today, we are going to see high double-digit growth rates on revenue, profit and users continue,» he said.
Airtel Payments Bank has nearly 500,000 banking points spread across the country, today.
It offers end-to-end digital banking solutions, along with a bouquet of digital financial services — insurance, lending, and investment solutions. Airtel Payments Bank has three clear segments when it comes to serving customers across geographies — the urban digital, the rural underbanked, and industries, and businesses.
Earlier this year, Airtel Payments Bank had cited a strong growth trajectory for the December 2023 quarter with revenues at Rs 469 crore, up 47 per cent year-on-year, while net profit stood at Rs 11 crore, up 120 per cent over the year-ago period.
Biswas asserted that the momentum on digital banking is here to stay.
«We have sustained momentum on digital banking in India which is a growing spectrum of urban users wanting a secondary digital banking option for their payment and transaction
