Aditya Birla Payments Bank Limited (ABPB) was a payments bank started as a joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular.[1] Launched on 22 February 2018, it is the fourth payments bank to begin operations since issuance of licenses to 11 firms by the Reserve Bank of India in August 2015.[2][3]
On 20 July 2019, Aditya Birla Payments Bank announced that it would be shutting down operations subject to the receipt of requisite regulatory consents and approval.[4]
History
Aditya Birla Nuvo (now Grasim Industries Limited) was one of the 11 entities to receive an in-principle approval by Reserve Bank of India (RBI) to set-up payments banks in India, in August 2015.[5] Post the in-principle approval, RBI had issued a license to Aditya Birla Payments Bank under Section 22 (1) of the Banking Regulation Act, 1949 to commence with the business of payments bank in April 2017.[6]
Aditya Birla Payments Bank earlier operated as IMCSL (Idea Mobile Commerce Services Ltd) as a brand of Idea Cellular Ltd.[7]
Aditya Birla Nuvo Limited holds 51 percent shares while the remaining 49 percent are with Idea Cellular.[1]
Aditya Birla Payments Bank, which was a joint venture between Aditya Birla Nuvo and Idea Cellular, discontinued its banking business within 2 years of its inceptions due to lack of funds.[8]
References
- ↑ 1.0 1.1 Aditya Birla Nuvo forms JV with Idea Cellular for payments bank(19 February 2018). Retrieved 17 October 2018.
- ↑ Aditya Birla Idea Payments Bank begins operations(22 February 2018). Retrieved 17 October 2018.
- ↑ Aditya Birla Idea Payments Bank Limited commences operations(22 February 2018). Retrieved 17 October 2018.
- ↑ Aditya Birla Idea Payments Bank to close operations - Times of India. The Times of India(20 July 2019).
- ↑ Grasim gets investors' nod to merge AB Nuvo with itself(7 April 2018). Retrieved 17 October 2018.
- ↑ ABNLSELetter-april17(5 April 2017). Retrieved 17 October 2018.
- ↑ Idea Mobile Commerce to merge with Aditya Birla Idea Payments(29 April 2016). Retrieved 17 October 2018.
- ↑ Aditya Birla Group closes its banking business within 2 years of operations - ET BFSI. The Economic Times. Retrieved 2020-07-23.