Can JioMoney wallet make deep Inroads? Should Paytm be worried? -- TECHNOLOGY HANDLER





Reliance Jio is the fastest-growing technology company not only in India but also in the world, said Reliance Industries' Chairman Mukesh Ambani in his speech on Thursday. With Jio crossing 50 million customers in 83 days, the company is growing faster than Facebook, WhatsApp or Skype, asserts Ambani.

Happy New Year offer was the highlight of Ambani's speech on Thursday which will allow the existing and new Reliance Jio users to be able to use data, voice, video and all of Jio's applications for free until March 31, 2017.

The other significant step that Ambani announced is the wallet offering for small merchants which will launch on December 5. During this period, Jio customers will also be able to go for digital payment and test-drive billing experience using JioMoney wallet app. The merchant wallet will enable digital transactions of all types --be at mandis, small shops, restaurants, railway ticket counters, bus and mass transit and even for person-to-person money transfers.

After being successful in making a mark in the telecom sector with the launch of Relaince Jio 4G network, Ambani now seems to be moving onto the e-walletindustry as the nation struggles to go cashless.

Can JioMoney, its merchant ecosystem make a mark?
Jio is working to empower Indian merchants by building a digital retail ecosystem, while empowering the consumers to make digital transaction through e-wallet. "Thanks to solutions like JioMoney, every Indian has the ability to have a digital ATM in their pocket," said Ambani.


The company is focused on signing up over 10 million small merchant retailers in the coming weeks across 17,000 towns and four lakh villages. This speaks volumes on how Ambani is upbeat about his next digital India move.

The Reliance chairman also tried to pitch in the government’s much-debated demonetisation move by saying the step would help boost the country’s economy. ‘The JioMoney merchant ecosystem will be an enthusiastic partner for the smooth implementation of Prime Minister's game-changing vision of creating a digitally-enabled and strong Indian economy,’ Ambani reiterated in his speech.

Having said, Ambani did not seem to position JioMoney as just a mobile wallet, but rather as ATMs. "Customers can use this to pay the merchant from their bank accounts, and merchants can use this to accept the payments directly into their bank accounts." This seems to be a greater scheme than it actually looks. If it succeeds to add to the regular value propositions of a wallet, the cashless service from the Reliance Industries may succeed to make deep inroads into neighborhoods.

Should the likes of Paytm be worried?
Paytm, which is currently at the help of affairs when it comes to digital wallets in the country, says they have seen a huge response from India’s smaller cities and towns. ‘Kirana store owners, vegetable and fruit vendors, food stalls, pharmacies and many more merchants across India now accept Paytm,’ says the company.

With one million merchant base and an offline presence in over 40 cities across India, Paytm is currently at the top most used wallets in India.
With one million merchant base and an offline presence in over 40 cities across India, Paytm is currently at the top most used wallets in India.



Their latest move to make the Paytm Android app available in 10 regional languages has proved to be a great success, is what the company think.

The Paytm merchant network grew to one millionth offline merchant. It just took less than three months to double up the merchant base. Keeping the momentum going, the wallet company is working hard to make the entire neighbourhood shops part of the cashless economy.

With one millionth merchant base and an offline presence in more than 40 cities across India, Paytm is currently at the top most used wallets in India. And of course, there are others as well in the fray including MobiKwik which claims to have registered two million downloads within 48 hours of the lunch of its ‘Lite’ version of the wallet app.

Now that Reliance is making a digitisation move on the back of an obvious thought-through strategy, it only remains to be seen how the story unfolds given that Paytm has grown multi-fold post-demonetisation making inroads into remote areas and unseen hyper-local stores while Jio has a better platform to connect and of course funds. 
                                                                   source: techradar

Cortana to take on Google Assistant and Amazon Alexa in 2017-- TECHNOLOGY HANDLER



After appearing on mobile devices and computers, Cortana’s next big role will be in Bluetooth speakers?
As strange as it might seem, Harman Kardon has teased its upcoming premium speaker will come with Microsoft’s virtual assistant. From the 30 second video, we can hear Cortana responding to voice commands like playing a specific song and setting reminders.
Though it seems simplistic at first, it’s likely Cortana will have her full set of abilities when we’ll likely see the speaker at CES 2017 and it releases sometime later in the same year. On PCs and smartphones, Cortana has already proven herself to be quick witted, capable of quick searches, learning more about you and making better suggestions over time.
Of course, Cortana isn’t the only voice-controlled digital assistant built into a speaker. Amazon has already established itself in this space with its premium Echospeaker and a standalone voice controlled hub called the Echo Dot.
Microsoft is also going to run into stiff competition with Google’s Assistant-driven Home smart speaker. Plus, anyone with an iPhone can also wirelessly connect Siri to their Bluetooth speaker.
Despite the crowded platform, Cortana moving beyond the fold of computing and mobile devices is huge. This tease follows shortly after a WinHEC presentation described Cortana would be coming to refrigerators and thermostats.
With all these developments coming next year, Cortana could soon become the center of the internet of things.

  • What is an internet of things anyway?                                                                                                                                           source: techradar

6 Best Free SEO Tools for Startups -- TECHNOLOGY HANDLER

You can use these tools for enhancing your strategies until you garner enough revenue to move on to bigger and better tools. Here is a list of the best free tools for SEO startups…
Moz
Moz has a whole suite of SEO tools that you can try . These tools include keyword tracking, ranking monitoring, on-page optimizations, and link tracking, just to name a few.The users can manage and update business listings across the web with a single platform.
 MergeWords
Merge words is fast and easy to use for domain registrations, Google Adwords, whatever. Use MergeWords to research keywords for rankings and domains, and queries for link building. It’s an efficient tool for organizing all search information into data that you can use to plan your strategies.
 Buffer
With the use of Buffer software, scheduling all of your social media content interactions is simple. It has a comprehensive content builder that enables filling in SEO-optimized content and setting up a publishing time frame to keep your campaign on track. It’s one of the best tools for staying ahead of the social game.
 Google Tools
Google has an arsenal of tools that you should at least check out when it comes to search engine optimization. Google Webmaster Tools, Google Analytics, Google Adwords Keyword Planner, Google Trends, PageSpeed Insights, and more can all be utilized to test the success of all SEO-related content and strategies. The best part is, most of these tools are entirely free for the basic versions.
 Screaming Frog
This free tool is legendary for its ability to “spider crawl” through websites, links, images, code, and apps in order to collect useful data for maintaining your website.  You’ll be able to fix many of the errors that would otherwise hurt your rankings, such as image errors, incomplete meta tags, or copied content. Screaming Frog is also very useful for spying on competition and receiving reports on inbound and outbound links.
 SimilarWeb
It is an excellent tool for gathering insightful data about your websites, customers, or even competitors. It can also be used to define a target audience, pick up on branding cues, report on traffic sources, and track other helpful metrics. Though there are other free tools that do the same thing, this apparatus is particularly useful because it delivers all the information in easy-to-read graphs, which simplifies the process.
                                                                    source: pcquest

TERI Research: An iPhone Consumed More Energy Than a Refrigerator in a Year-- TECHNOLOGY HANDLER

The Information Communications-Technologies (ICT) ecosystem, also known as the digital economy, demands huge amount of energy and this demand is growing at a very rapidpace in our digital world.  According to a recent study, an average iPhone consumed more energy comparatively to a medium-sized refrigerator in a year. Environmental Protection Agency’s (EPA) Energy Star ratings stated that refrigerator consume about 322 kWh per year whereas the average iPhone require361 kWh of electricity per year once the wireless connections, data usage and battery charging are tallied up.
ICT is basically an umbrella term that includes any communication device or application, encompassing: radio, television, cellular phones, computer and network hardware and software, satellite systems and so on, as well as the various services and applications associated with them, such as videoconferencing and distance learning. Although ICT is often considered an extended synonym for information technology (IT), its scope is much broader. ICT includes Data Center/Server Farms, Office Equipment’s such as PCs, displays, copiers, and laser printers, Personal computing devices such as mobile phones, tablets, laptops etc. and mobile telecommunication infrastructure, including base stations.
In general ICT has a green image owing to the fact that it provides solutions to some of the environmental problems. Some of the well-known solutions are electronic documents (no need to print), electronic mail (no transportation costs), working from home which has many advantages such as savings of CO2 emissions, space savings & financial benefits. Another example of an ICT-related solution to use energy more efficiently is the use of smart meters. The development of smart meters is related with the development of smart grids which is a power management system provided by ICT. But even though ICT gives several solutions for environmental problems it also embraces some of them.
Study says that world’s ICT ecosystem uses about 1,500 TWh of electricity annually, which is equal to all the electric generation of Japan & Germany combined. That is about 10% of world’s electricity generation.
So where does India stands in this entire energy crunch?
According to [1]Global Index of Information and Communication Technology access 2015, which measures the accessibility level of information and communication technology,India ranks 131 out of 167 nations. Though India dropped six positions from 2010 in the index, yet as per the report India’s mobile-cellular telephone subscriptions per 100 inhabitants grew from 62.4 in 2010 to 74.48 in 2014. Also the percentage of households with computer in India doubled to 13% in 2014 from 6% in 2010 and percentage of households with internet access grew three-fold to 15.33% in 2014. It is clear from the above data that the penetration of mobile phones and internet access has increased rapidly in last couple of years.
Pilot Study:
A technology initiative is taken by Vigyanlabs Innovations Private Limited (VIPL) in the form of Intelligent Power Management (IPM+). It is a software product suite platform developed to measure and enable energy savings in ICT infrastructure. IPM+ aims to help its users save significant amounts of energy in its enterprise-wide Personal Computing environment and thus make a positive contribution to the state and economy in terms of energy savings and environment in terms of reduction in carbon footprint.
A pilot study was performed in the New Delhi office of The Energy and Resources Institute. The study consisted of 28 workstations (including 1 server). It was decided to establish the baseline first for the identified system and then after base lining the IPM+ software would be activated and the power saving would be monitored.
Baselining: The energy consumption on 28 workstations was observed for three weeks (19 days). This period is being referred as Default Mode. The time period of default mode was from 25th June to 13th July. Data was collected for the time period. After establishing the baseline, it was time for activating the software and see the result.
Savings: The same workstations (28 nos.) were taken into account for calculation of effects of IPM+ software. After successful activation of the software on every workstation the results were monitored for the next three weeks (19 days). This period is being referred to as Savings Mode. The time period of savings mode was from 15th July to 2nd August.
After assessing the data of both the default mode and savings mode, a saving of around 0.14 kW was observed on each workstation per day. The energy consumption was measured to be reduced to the extent of 25% after the activation of energy saving policies.
Above mentioned was just a small example that what potential lies in energy efficiency in the ICT sector. The need of the hour is to develop new innovative technologies and practices which could help in curbing down the growing need for increasing energy demand.
              source: pcquest.

IT Sector Meets FM Arun Jaitley, Seeks Special Measures to Boost Domestic IT-Electronics Manufacturing-- TECHNOLOGY HANDLER

Nitin Kunkolienker, Vice President, MAIT and Director-Corporate Affairs, Smartlink Network Systems stated, “We have requested the Honourable Minister of Finance and his team to focus on formulation and promotion of schemes to encourage manufacture of Customer Premise equipment in India to cater to the needs of the local market and help achieve the goals of government’s ‘Digital India’ programme. Further, the vision of ‘Make in India lies in local value addition, domestic manufacturing and empowerment of Small and Medium Enterprises so that overall volume of domestic IT-Electronics manufacturing goes up. Suitable policy interventions at this critical juncture will help Indian firms scale up their operations and become significant players in the global supply chain.”
The main highlights of MAIT’s pre-budget recommendations for 2017-2018 are as follows:
Extension of Concessional Duty Benefits to all ITA goods, including PCs and Servers
Extension of concessional Excise and Customs Duty benefits to all ITA goods is crucial to achieve the vision of ‘Make in India’ for IT hardware as well as to achieve the goals of ‘Digital India’; extending such benefits merely to a few products such as mobile phones and Tablets would defeat the purpose of the government’s initiatives. Extending concessional duty benefits to locally manufactured IT-Electronics equipment will help in attracting investment, increase employment opportunities and likely trigger innovations in design and manufacturing to address local needs.
It is very important that the concessional indirect tax structure is continued under the new GST regime, to allow investments in local manufacturing to bear fruit.
Comprehensive List of CPE Goods for inclusion under the Duty Differential Scheme
The list of Customer Premise Equipment (CPE) goods needs to be updated and made comprehensive so as to ensure that the benefits reach all stakeholders. Networking Switches, Wired and Wireless Access Points, USB Adapters and Wireless Access Controllers are the goods that must be included in the excise duty concession scheme, or preferential rate of GST at 12%, post-April 2017.
Harmonization of IT Product Lists across Central and State indirect tax jurisdictions
Harmonization of IT Product Lists across central and state indirect tax jurisdictions is necessary to ensure that industry players are able to claim benefits on IT goods that are rightfully theirs and avoid unnecessary litigation. A detailed list issued by the Central Government can be used as a reference guide by states to re-tune/re-determine their lists of products covered under the IT goods list, under the relevant VAT laws.
In this regard, it would also be necessary that directions are issued to state governments to ensure that a ‘Uniform List of IT Goods’ is maintained under the merit rate category.
Establishment of ‘Convergence Cell’ to provide impetus for the ICT Sector
A ‘Convergence Cell’ needs to be established whose role would be to classify new IT products within 30 days of representation by industry. This measure will help to reduce delays, confusion as well as tax litigations arising out of classification issues.
“Industry needs an integrated approach towards ‘ease of doing business’ through key policy measures addressing all related issues in the area of manufacturing, standards, and compliances such as CRO, import-export procedures, skills development and demand generation,” Mr. Kunkolienker added.
Currently, there are multiple regulatory and operational issues plaguing the IT hardware industry. The classification of IT products varies at different levels of the government machinery and jurisdictions, which can be addressed through the establishment of a Convergence Cell to help in harmonisation of the various categories of IT products. If the government is serious about campaigns like ‘Make in India’ these operational issues must be resolved quickly.

FreeCharge Announces Additional Incentives for Digital Payments-- TECHNOLOGY HANDLER

The Ministry of Finance had yesterday announced a 0.75% discount on digital payments at fuel stations and a 10% discount at the toll plazas for digital payments.
FreeCharge is accepted at more than 25 utility companies covering cities like Mumbai, Delhi, Bangalore, Jaipur, Indore, Nagpur, Noida, Bhopal, Jodhpur, Ajmer, Jamshedpur, Bhagalpur, Jabalpur, Bodhgaya and in states and union territories like  Chattisgarh, Meghalaya, Tripura, Telangana and Daman & Diu. FreeCharge users in these areas will get cashback when they pay their electricity bills using FreeCharge.
In addition, FreeCharge had recently announced that food & beverage payments on its platform had grown 12 times in the past one month. To thank its users, it announced 25% cashback on food orders placed through Zomato, Foodpanda and Swiggy and paid through FreeCharge. Users will also get a 10% cashback on 3G data and prepaid recharges done through the FreeCharge wallet.
FreeCharge, is accepted at all the touchpoints identified by the government to move towards a less cash economy. FreeCharge recently announced its national level partnership with all the three major oil marketing companies including IOCL, HPCL and BPCL, which will cover more than 53,000 petrol pumps across India. Freecharge also recently announced going live at various toll expressways including the Yamuna expressway, Badarpur-Faridabad toll and shared plans to go live across 500 others toll points by January 2017.
                                                                                     source: pcquest

5 unexpected sources of bias in artificial intelligence-- TECHNOLOGY HANDLER


We tend to think of machines, in particular smart machines, as somehow cold, calculating and unbiased. We believe that self-driving cars will have no preference during life or death decisions between the driver and a random pedestrian. We trust that smart systems performing credit assessments will ignore everything except the genuinely impactful metrics, such as income and FICO scores. And we understand that learning systems will always converge on ground truth because unbiased algorithms drive them.
For some of us, this is a bug: Machines should not be empathetic outside of their rigid point of view. For others, it is a feature: They should be freed of human bias. But in the middle, there is the view they will be objective.
Of course, nothing could be further from the truth. The reality is that not only are very few intelligent systems genuinely unbiased, but there are multiple sources for bias. These sources include the data we use to train systems, our interactions with them in the “wild,” emergent bias, similarity bias and the bias of conflicting goals. Most of these sources go unnoticed. But as we build and deploy intelligent systems, it is vital to understand them so we can design with awareness and hopefully avoid potential problems.

Data-driven bias

For any system that learns, the output is determined by the data it receives. This is not a new insight, it just tends to be forgotten when we look at systems driven by literally millions of examples. The thinking has been that the sheer volume of examples will overwhelm any human bias. But if the training set itself is skewed, the result will be equally so.
Most recently, this kind of bias has shown up in systems for image recognition through deep learning. Nikon’s confusion about Asian faces and HP’s skin tone issues in their face recognition software both seem to be the product of learning from skewed example sets. While both are fixable and absolutely unintentional, they demonstrate the problems that can arise when we do not attend to the bias in our data.
Beyond facial recognition, there are other troubling instances with real-world implications.  Learning systems used to build the rules sets applied to predict recidivism rates for parolees, crime patterns or potential employees are areas with potentially negative repercussions. When they are trained using skewed data, or even data that is balanced but the systems are biased in decision-making, they will perpetuate the bias, as well.

Bias through interaction

While some systems learn by looking at a set of examples in bulk, other sorts of systems learn through interaction. Bias arises based on the biases of the users driving the interaction. A clear example of this bias is Microsoft’s Tay, a Twitter-based chatbot designed to learn from its interactions with users. Unfortunately, Tay was influenced by a user community that taught Tay to be racist and misogynistic. In essence, the community repeatedly tweeted offensive statements at Tay and the system used those statements as grist for later responses.
Tay lived a mere 24 hours, shut down by Microsoft after it had become a fairly aggressive racist. While the racist rants of Tay were limited to the Twitter-sphere, it’s indicative of potential real-world implications. As we build intelligent systems that make decisions with and learn from human partners, the same sort of bad training problem can arise in more problematic circumstances.
What if we were to, instead, partner intelligent systems with people who will mentor them over time? Consider our distrust of machines to make decisions about who gets a loan or even who gets paroled. What Tay taught us is that such systems will learn the biases of their surroundings and people, for better or worse, reflecting the opinions of the people who train them.

Emergent bias

Sometimes, decisions made by systems aimed at personalization will end up creating bias “bubbles” around us. We can look no further than the current state of Facebook to see this bias at play. At the top layer, Facebook users see the posts of their friends and can share information with them.
Unfortunately, any algorithm that uses analysis of a data feed to then present other content will provide content that matches the idea set that a user has already seen. This effect is amplified as users open, like and share content. The result is a flow of information that is skewed toward a user’s existing belief set.
While it is certainly personalized, and often reassuring, it is no longer what we would tend to think of as news. It is a bubble of information that is an algorithmic version of “confirmation bias.” Users don’t have to shield themselves from information that conflicts with their beliefs because the system is automatically doing it for them.
In an ideal world, intelligent systems and their algorithms would be objective.
The impact of these information biases on the world of news is troubling. But as we look to social media models as a way to support decision making in the enterprise, systems that support the emergence of information bubbles have the potential to skew our thinking. A knowledge worker who is only getting information from the people who think like him or her will never see contrasting points of view and will tend to ignore and deny alternatives.

Similarity bias

Sometimes bias is simply the product of systems doing what they were designed to do. Google News, for example, is designed to provide stories that match user queries with a set of related stories. This is explicitly what it was designed to do and it does it well. Of course, the result is a set of similar stories that tend to confirm and corroborate each other. That is, they define a bubble of information that is similar to the personalization bubble associated with Facebook.
There are certainly issues related to the role of news and its dissemination highlighted by this model — the most apparent one being a balanced approach to information. The lack of “editorial control” scopes across a wide range of situations. While similarity is a powerful metric in the world of information, it is by no means the only one. Different points of view provide powerful support for decision making. Information systems that only provide results “similar to” either queries or existing documents create a bubble of their own.
The similarity bias is one that tends to be accepted, even though the notion of contracting, opposing and even conflicting points of view supports innovation and creativity, particularly in the enterprise.

Conflicting goals bias

Sometimes systems that are designed for very specific business purposes end up having biases that are real but completely unforeseen.
Imagine a system, for example, that is designed to serve up job descriptions to potential candidates. The system generates revenue when users click on job descriptions. So naturally the algorithm’s goal is to provide the job descriptions that get the highest number of clicks.
As it turns out, people tend to click on jobs that fit their self-view, and that view can be reinforced in the direction of a stereotype by simply presenting it. For example, women presented with jobs labeled as “Nursing” rather than “Medical Technician” will tend toward the first. Not because the jobs are best for them but because they are reminded of the stereotype, and then align themselves with it.
The impact of stereotype threat on behavior is such that the presentation of jobs that fit an individual’s knowledge of a stereotype associated with them (e.g. gender, race, ethnicity) leads to greater clicks. As a result, any site that has a learning component based on click-through behavior will tend to drift in the direction of presenting opportunities that reinforce stereotypes.

Machine bias is human bias

In an ideal world, intelligent systems and their algorithms would be objective. Unfortunately, these systems are built by us and, as a result, end up reflecting our biases. By understanding the bias themselves and the source of the problems, we can actively design systems to avoid them.
Perhaps we will never be able to create systems and tools that are perfectly objective, but at least they will be less biased than we are. Then perhaps elections wouldn’t blindside us, currencies wouldn’t crash and we could find ourselves communicating with people outside of our personalized news bubbles.
                                                                 source: techcrunch

Facebook tests 'Express Wifi' in India -- TECHNOLOGY HANDLER



Months after it received flak for allegedly violating net neutrality with Free Basics, social networking giant Facebook is now testing a new model for public Wi-Fi deployments for offering quality internet access in rural parts of the country.

According to Facebook's Internet.org page, the company's "Express Wifi" is live in India and it is "working with carriers, internet service providers and local entrepreneurs to help expand connectivity to underserved locations around the world".

"...are expanding to other regions soon," it added.

However, Facebook did not indicate if the Wi-Fi will provide limited access of a few websites, like its Free Basics, or provide full access. Express Wifi empowers local entrepreneurs to help provide quality internet access to their neighbours and make a steady income, it further said.

"Working with local internet service providers or mobile operators, they are able to use software provided by Facebook to connect their communities," it said.

Facebook is experimenting with products like laser drones to enhance internet connectivity for users across the world.

When contacted, a Facebook spokesperson confirmed that the company is currently working with internet service providers to test 'Express Wi-Fi' with public Wi-Fi deployments in multiple pilot sites.

"This solution empowers ISPs, operators and local entrepreneur retailers to offer quality Internet access to their village, town or region," the spokesperson said.

However, the spokesperson did not comment on the locations or the names of the partners in the project. The spokesperson said Express Wi-Fi customers can purchase fast, reliable and affordable data packs via digital vouchers to access the Internet on the Express Wi-Fi network.




"We focus on building a sustainable economic model for all stakeholders involved, so that local retailer entrepreneurs, ISPs, operators and Facebook can continue to invest in and operate lasting connectivity. We believe a sustainable economic model is the one which can scale to bring all of India online," the spokesperson said. 


The US-based company had pulled the plug on its controversy- ridden 'Free Basics programme' in India in February this year after telecom regulator Trai barred operators from charging discriminatory rates for Internet access based on content.


Launched in 2014, Facebook continues to run the programme across many countries. The service was launched in India in partnership with Reliance Communications as Internet.org.


The service -- which was later rebranded as Free Basics -- aimed at providing basic Internet access to people in partnership with telecom operators. However, critics slammed the service saying it violated the principle of net neutrality that advocates equal treatment of all internet traffic.

Airtel Payments Bank opens 10,000+ savings accounts in 2 days -- TECHNOLOGY HANDLER

Airtel Payments Bank said over 10,000 customers have opened savings accounts with it within two days of going live with a pilot project in Rajasthan.

Majority of these accounts have been opened by customers in semi-urban and rural areas, underlining the potential for growth of banking services in such areas, Airtel Payments Banksaid in a statement.

Last week, Airtel Payments Bank became the first Payments Bank to go live in the country with the roll out of pilot services in Rajasthan.

"We are offering the highest interest rate on savings account deposits in the country along with personal insurance of Rs 1 lakh and may look at sweetening the value proposition further and introduce more benefits in the coming days to accelerate the onboarding," Shashi Arora, MD and CEO, Airtel Payments Bank said.

In Rajasthan, Airtel Bank has rolled out pilot services across 10,000 Airtel retail outlets, which also act as banking points. Two-thirds of these banking points across Rajasthan are in rural areas. Airtel Bank plans to have a network of 100,000 merchants (shops) across Rajasthan by the end of the year.

All these merchants will accept digital payments via Airtel Bank using a mobile phone, the statement said adding Airtel will not charge any processing fee from merchants for this facility.

READ ALSOAirtel becomes first payments bank to go live


With the objective of deepening financial inclusion, RBI kicked off era of differentiated banking with SFB (small finance bank) and PB (payments bank), and 21 entities, including 11 for payments bank, were given in-principle nod last year.


Later, three entities -- Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services -- backed out of the payments bank licensing. 


The digital and paperless Airtel Payments Bank has promised that account opening will be quick using Aadhaar based e-KYC. Customer's Airtel mobile number will be their bank account number.


The interest rate of 7.25% per annum will apply on deposits in savings accounts. Airtel Banking points will offer bank account opening services and cash deposit and withdrawal facilities.


As per RBI norms, payments bank will initially be restricted to holding a maximum balance of Rs 1 lakh per individual customer.
                                                   source: gadgetshow
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