As India's telecom wars extend from SIM cards to financial services, Bharti Airtel has made its most consequential move yet by announcing plans to capitalise its newly RBI-licensed non-banking financial company, Airtel Money Limited, with Rs 20,000 crore, pitching it into direct competition with Reliance's Jio Financial Services, Bajaj Finance, and a field of well-entrenched digital lenders. The announcement marks a significant strategic shift from loan distributor to direct lender. For two years, Airtel has been quietly building its lending service provider platform, disbursing over Rs 9,000 crore in loans through partners like Bajaj Finance, DMI Finance, and L&T Finance, with strong delinquency outcomes.