The subsidiary of Bharti Airtel is also in the process of applying for payment bank license to the Reserve Bank of India (RBI).
Kotak Mahindra Bank will acquire 19.9 percent in Bharti Airtel 's arm, Airtel m-Commerce Services Limited (AMSL). The subsidiary of Bharti Airtel is also in the process of applying for payment bank license to the Reserve Bank of India (RBI).
"AMSL, a wholly owned subsidiary of Bharti Airtel, has decided to seek conversion of its existing pre-paid payment Instrument license into a Payments Bank License from RBI pursuant to the payments banks guidelines issued by the RBI," the telecom service operator said in a statement to the exchange.
AMSL offers mobile money service under the brand name Airtel Money.
Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said, "Payment banks have the potential to leapfrog India's financial inclusion agenda. Basic but critical services such as small savings accounts, remittances, etc. will bring a large number of low income households and small businesses under the formal banking network."
Airtel Money, launched in 2011 was the first mobile based pre-paid payment instrument service in the country and today empowers millions across India to leverage their mobile phones as a secure way for making payments and transferring money.
Shares of Bharti Airtel closed at Rs 375.15, up Rs 1.40, or 0.37 percent while Kotak Mahindra Bank was at Rs 1,330.05, down Rs 21.45, or 1.59 percent on the BSE.
Kotak Mahindra stock price
On January 29, 2015, Kotak Mahindra Bank closed at Rs 1330.05, down Rs 21.45, or 1.59 percent. The 52-week high of the share was Rs 1440.00 and the 52-week low was Rs 630.80.
The company's trailing 12-month (TTM) EPS was at Rs 22.62 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 58.8. The latest book value of the company is Rs 159.07 per share. At current value, the price-to-book value of the company is 8.36.
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