Company:Aditya Birla Payments Bank
| Type | Private |
|---|---|
| Industry | Financial services |
| Fate | Closed (2019) |
| Founded | 19 February 2016 |
| Headquarters | , |
Key people |
|
| Products | Savings Account, BHIM ABPB UPI, ABPB Wallet, ABPB Payments Gateway |
| Services | Banking, Payments & Payments Systems, UPI, NEFT, IMPS, Third Party Loan Referral, Digital wallet, Group Insurances |
| Parent | Grasim Industries Limited (51%) Idea Cellular Limited (49%) |
| Website | www |
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] Payments Banks are a special category of banks that can accept deposits of up to 2 lakh but cannot give loans or credit cards.[4]
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.[5]
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.[6] 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.[7]
Aditya Birla Payments Bank earlier operated as IMCSL (Idea Mobile Commerce Services Ltd) as a brand of Idea Cellular Ltd.[8]
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.[9]
References
- ↑ 1.0 1.1 "Aditya Birla Nuvo forms JV with Idea Cellular for payments bank". The Hindu Business Line. 19 February 2018. https://www.thehindubusinessline.com/money-and-banking/aditya-birla-nuvo-forms-jv-with-idea-cellular-for-payments-bank/article8257857.ece.
- ↑ "Aditya Birla Idea Payments Bank begins operations". The Economic Times. 22 February 2018. https://economictimes.indiatimes.com/industry/banking/finance/banking/aditya-birla-idea-payments-bank-begins-operations/articleshow/63034052.cms.
- ↑ "Aditya Birla Idea Payments Bank Limited commences operations". 22 February 2018. https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43207.
- ↑ "All you need to know about payments banks". The Hindu. 20 August 2015. https://www.thehindu.com/business/all-you-need-to-know-about-payment-banks/article7561353.ece.
- ↑ "Aditya Birla Idea Payments Bank to close operations - Times of India". 20 July 2019. https://timesofindia.indiatimes.com/business/india-business/aditya-birla-idea-payments-bank-to-close-operations/articleshow/70309203.cms.
- ↑ "Grasim gets investors' nod to merge AB Nuvo with itself". The Hindu Business Line. 7 April 2018. https://www.thehindubusinessline.com/markets/stock-markets/grasim-gets-investors-nod-to-merge-ab-nuvo-with-itself/article9622529.ece.
- ↑ "ABNLSELetter-april17". 5 April 2017. https://www.adityabirlanuvo.com/pdf/ABNLSELetter-april17.pdf.
- ↑ "Idea Mobile Commerce to merge with Aditya Birla Idea Payments". The Economic Times. 29 April 2016. https://economictimes.indiatimes.com/industry/banking/finance/idea-mobile-commerce-to-merge-with-aditya-birla-idea-payments/articleshow/52044168.cms.
- ↑ "Aditya Birla Group closes its banking business within 2 years of operations - ET BFSI" (in en). https://bfsi.economictimes.indiatimes.com/news/banking/aditya-birla-group-closes-its-banking-business-within-2-years-of-operations/70298448.
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