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Option 4 : Airtel Payments Bank
The correct answer is Airtel Payments Bank.
- Airtel Payments Bank has partnered Axis Bank to digitise the cash collection system in the country’s tier III cities and semi-urban regions.
- Airtel Payments Bank will leverage the extensive reach of its digital-led neighbourhood banking model to support Axis Bank with the digitisation of last-mile cash collections.
- It would also speed up the payment cycle.
- Axis Bank’s agents will no longer have to travel back to the branch to deposit the collected EMI amount as they can deposit the amount at any Airtel Payments Bank outlet in the neighbourhood, and it will be immediately transferred to the Axis Bank accounts.
- This process will mitigate the risk of agents carrying the cash collected cover long distances and will also help avoid any delay, as Airtel Payments Bank outlets operate much beyond traditional banking hours and over the weekends as well.
- Payments Bank:
- The payments banks operate on a smaller or restricted scale.
- They cannot advance loans or issue credit cards.
- They can accept demand deposits only i.e. savings and current accounts, not time deposits.
- The Payment Banks cannot set up subsidiaries to undertake non-banking financial services activities.
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