Airtel Payments Bank has got the status of a scheduled bank. The Reserve Bank of India (RBI) on Tuesday announced the inclusion of Airtel Payments Bank in the second schedule of the Reserve Bank of India Act, 1934.

With this, Airtel Payments Bank can now pitch for government-issued Requests for Proposals (RFP), primary auctions and undertake both central and state government business, besides participating in government-operated welfare schemes.

Airtel Payments Bank is among the fastest-growing digital banks in the country, with a base of 115 million users. It offers a suite of digital solutions through the Airtel Thanks app and a retail network of over 500,000 neighbourhood banking points. At present, one in six villages in the country is being served by Airtel Payments Bank.

With annualized revenues of over Rs 1,000 crore, the bank turned profitable in the quarter ended September 2021. 

"This status is an important milestone in our growth journey and will further reinforce the trust our customers have placed with the bank," Airtel Payments Bank chief executive officer Anubrata Biswas said.