Aditya Birla Payments Bank

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search
Aditya Birla Payments Bank
Private
IndustryFinancial services
Founded19 February 2016; 3 years ago (2016-02-19)
Headquarters,
Key people
  • Dev Bhattacharya (Non-Executive Director)
  • Sudhakar Ramasubramanian (MD & CEO)
ProductsSavings Account, BHIM ABPB UPI, ABPB Wallet, ABPB Payments Gateway
ServicesBanking, Payments & Payments Systems, UPI, NEFT, IMPS, Third Party Loan Referral, Digital wallet, Group Insurances
ParentGrasim Industries Limited (51%)
Idea Cellular Limited (49%)
Websitewww.adityabirla.bank

Aditya Birla Payments Bank Limited (ABPB) is a payments bank started as a joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular.[1] Launched on February 22, 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 1 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[edit]

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]

References[edit]

  1. ^ a b "Aditya Birla Nuvo forms JV with Idea Cellular for payments bank". The Hindu Business Line. 19 February 2018. Retrieved 17 October 2018.
  2. ^ "Aditya Birla Idea Payments Bank begins operations". The Economic Times. 22 February 2018. Retrieved 17 October 2018.
  3. ^ "Aditya Birla Idea Payments Bank Limited commences operations". 22 February 2018. Retrieved 17 October 2018.
  4. ^ "All you need to know about payments banks". The Hindu. 20 August 2015. Retrieved 17 October 2018.
  5. ^ "Aditya Birla Idea Payments Bank to close operations - Times of India". The Times of India.
  6. ^ "Grasim gets investors' nod to merge AB Nuvo with itself". The Hindu Business Line. 7 April 2018. Retrieved 17 October 2018.
  7. ^ "ABNLSELetter-april17" (PDF). 5 April 2017. Retrieved 17 October 2018.
  8. ^ "Idea Mobile Commerce to merge with Aditya Birla Idea Payments". The Economic Times. 29 April 2016. Retrieved 17 October 2018.

External links[edit]