Aditya Birla Idea Payments Gets RBI Nod To Start Payments Bank In India

The Reserve Bank of India has granted the licence to Aditya Birla Idea Payments Bank to start payments bank in the country. Aditya Birla Idea Payments Bank is a 51:49 joint venture between Aditya Birla Group-owned Aditya Birla Nuvo and Idea Cellular, respectively.

idea-cellular-free-roaming

“This is to inform you that the Reserve Bank of India… has granted a licence to Aditya Birla Idea Payments Bank Ltd to carry on the business of payments bank in India,” Aditya Birla Nuvo said in a BSE filing on Wednesday.

According to media reports, Idea Cellular was planning to launch payments bank services through the Aditya Birla Idea Payments Bank in the first half of 2017.

Idea Cellular is currently in the process of merging operations with Vodafone India. Notably, Vodafone India itself has an in-principal approval from the RBI to start payments bank. The ongoing merger with Idea could lead to Vodafone surrendering its payments bank’s in-principle approval, according to reports.

RBI had announced a list of 11 entities which were given in-principle approval to set up banking operations within 18 months from August 19, 2015. Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services have since then backed out of the payments bank licensing.

Currently, Airtel and India Post are offering payments bank services in the country, while PayTm, Fino Paytech and NSDL have already applied for final clearance to start operations.

A Payments bank can accept deposits from individuals and small businesses up to a maximum of Rs 1 lakh per account.

guest
1 Comment
newest
oldest
Inline Feedbacks
View all comments

Recent Posts

Jio and Airtel Will Look to Gain Market Share Delaying Tariff Hikes: Analysts

Reliance Jio and Bharti Airtel will look to gain more market share instead of hiking the tariffs after investing in...

Samsung Galaxy A32 4G With MediaTek Helio G80 SoC Launched in India

Samsung has launched the much awaited ‘Galaxy A32 4G’ in India. The smartphone has launched with a minimalistic and elegant...

Oppo F19 Pro+ and F19 Pro to Launch in India on March 8, Details

Oppo is going to launch the F19 Pro+ and F19 soon in India. The company has confirmed via Twitter that...