Your mobile number will be your bank account number, know how

New Delhi:  Many a times it is difficult to remember your bank account number, but almost everybody remembers  mobile number . Wouldn’t it be wonderful if your mobile number is your bank account number? Now it is possible. Not only this, you can now open a bank account with just your Aadhar card.

All this has been made possible by Airtel Payments Bank of Bharti Enterprises.Bharti Enterprises Chairman Sunil Bharti Mittal said that just as mobile telephony leapfrogged traditional telecom networks to take affordable telecom services deep into the country, Airtel Payments Bank aims to take digital banking services to the unbanked over their mobile phones in a quick and efficient manner.He also said that Bharti retail outlets will be used as touch points for the payments bank and within Airtel, a target has been set to convert 100 million of the 270 million customers to Airtel bank account.Mobile numbers of Airtel customers opening account in the payments bank will become their account number. "We have been running pilot across four states and after demonetisation, response has been heartening," Mittal said.Airtel Payments Bank Managing Director and CEO Shashi Arora said that the bank will look at reaching out to customers across 6 lakh retail outlets in a year."We are starting operations with 2.5 lakh outlets," Arora said.The payments bank will offer interest of 7.25 per cent per annum to attract customers.Customers having Airtel payment bank account will be able to transfer money to any bank or mobile wallet."There will be no charge on money transferred between Airtel to Airtel account," Arora said.He also said that people can open their Airtel Bank account in just three minutes with help of Aadhaar."There will be no need to submit paper documents. People only need to share their Aadhaar number for customer verification. We are also taking PAN number which in the back-end gets validated from NSDL," Arora said.

Mittal added that Bharti holds 80 per cent stake in the payments bank, while the rest is held by Kotak Mahindra Bank."We have invested around Rs 1,000 crore. We are looking at total investment of Rs 3,000 crore over a period of time. We will look at getting some more equity partners but there is no immediate plan as of now," Mittal said. (PTI)