Airtel Payments Bank to Exit FY23 with over Rs 1300 cr Revenue

Current Context: Airtel Payments Bank, Bharti Airtel’s subsidiary, will clock over Rs 1,300 crore in revenues in FY23, a year-on-year growth of over 40%.

• The reasons for the strong revenue growth can be attributed to a surge in the monthly transacting user base and cash management system business, increase in fee income from cross-selling of financial products like insurance and loans, etc, and growth in consumer deposits.
• In FY22, Airtel Payments Bank reported revenues of Rs 941 crore and a profit of Rs 9 crore. The company is targeting to list on the stock exchanges in the next 2-3 years and coming up with its initial public offering (IPO) schemes.
• In FY22, the company had 43 million monthly transacting users.
• Merchandise value (GMV) of Rs 2 trillion, an increase of 46% from Rs 1.37 trillion in FY22.
• Customer deposits during the current financial year grew over Rs 1,500 crore from Rs 1,176 crore in FY22. Airtel Payments Bank gets about 70% of its revenue from the payments or transaction business, 25% of the revenue comes from fee incomes and 5% of revenue comes from consumer deposits.

Question:

Q.1 Airtel Payments Bank to exit FY23 with over Rs 1,300-cr revenue
a. 1300 cr
b. 1000 cr
c. 2000 cr
d. 1800 cr