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ABNL partners with Idea Cellular to venture into Payments Bank

Aditya Birla Nuvo Limited (“ABNL”) said that it has submitted an application to the Reserve Bank of India (RBI) for obtaining the license for setting-up “Payments Bank“. As per the proposed structure, ABNL will be the promoter of Payments Bank holding 51% equity capital. Idea Cellular Limited (“Idea”), an Aditya Birla Group company where ABNL is largest promoter shareholder, will be holding balance 49% equity capital. The Board of Directors… Read More

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Airtel to apply for Payments Bank License

Airtel today announced that its wholly owned subsidiary Airtel M Commerce Services Limited (AMSL) is seeking to convert its existing Prepaid Payment Instrument license into a Payments Bank license to be issued by the Reserve Bank of India. It also announced that subject to grant of a Payments Bank license to AMSL by the RBI and all regulatory approvals, Kotak Mahindra Bank Limited (Kotak) will acquire 19.90% stake in AMSL… Read More

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