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]
External links
References
- Aditya Birla Nuvo forms JV with Idea Cellular for payments bank The Hindu Business Line, 19 February 2018, retrieved 17 October 2018^
- Aditya Birla Idea Payments Bank begins operations The Economic Times, 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 The Hindu Business Line, 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 The Economic Times, 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^