Correct option is B
The correct answer is (B) Airtel Payments Bank
Explanation:
In April 2022, Airtel Payments Bank tied up with IndusInd Bank to offer Fixed Deposit (FD) facilities to its customers.
- Since Payments Banks are not permitted to offer fixed deposits on their own, they partner with scheduled commercial banks.
- Under this partnership:
- IndusInd Bank provides the FD product
- Airtel Payments Bank acts as the digital distribution platform
- Customers can open FDs seamlessly through the Airtel Thanks app.
Information Booster:
- Payments Banks (RBI guidelines):
- Can accept deposits up to ₹2 lakh per customer
- Cannot lend or issue credit cards
- FD partnership helps Payments Banks:
- Expand product offerings
- Increase customer engagement
- IndusInd Bank is known for strong retail banking and digital products.
Additional Knowledge:
- Airtel Payments Bank was launched in 2017
- Other Payments Bank partnerships:
- India Post Payments Bank → partners with multiple public sector banks
- Jio Payments Bank → limited banking services
- RBI regulates Payments Banks under the Banking Regulation Act, 1949 (as amended)
