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Aditya Birla Payments Bank
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] HistoryAditya 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
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