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Aditya Birla Group Idea Payments Bank receives license from the RBI to start their services
The Aditya Birla Group announced that it has received license from RBI (Reserve Bank of India) to start Payments Bank services. Headed by Kumar Mangalam Birla, the group’s outfit Aditya Birla Nuvo had set up a 51:49 joint venture of Aditya Birla Idea Payments Bank Ltd with telecom major Idea Cellular to launch payments bank services in the country.
Aditya Birla Nuvo said in a BSE filing that “the Reserve Bank of India has approved license to Aditya Birla Idea Payments Bank Ltd to start its payments bank in India service,”
India Post and Airtel offering payments bank services in the country. Rajat Mukarji (Idea Cellular Chief Corporate Affairs Officer) had said the Aditya Birla Idea Payments Bank will be launched in 2017. With the objective of increasing financial inclusion, RBI kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services. A total of 21 entities were given in-principle nod, including 11 for payments banks.
Later, 3 entities IDFC Bank, Telenor Financial Services, Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi backed out of the payments bank licensing.
Payments banks can accept deposits from individuals and small businesses up to a maximum of Rs 1 lakh per account.