| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 19 February 2016 |
| Fate | Closed (2019) |
| 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
- ^ a b "Aditya Birla Nuvo forms JV with Idea Cellular for payments bank". The Hindu Business Line. 19 February 2018. Retrieved 17 October 2018.
- ^ "Aditya Birla Idea Payments Bank begins operations". The Economic Times. 22 February 2018. Retrieved 17 October 2018.
- ^ "Aditya Birla Idea Payments Bank Limited commences operations". 22 February 2018. Retrieved 17 October 2018.
- ^ "All you need to know about payments banks". The Hindu. 20 August 2015. Retrieved 17 October 2018.
- ^ "Aditya Birla Idea Payments Bank to close operations - Times of India". The Times of India. 20 July 2019.
- ^ "Grasim gets investors' nod to merge AB Nuvo with itself". The Hindu Business Line. 7 April 2018. Retrieved 17 October 2018.
- ^ "ABNLSELetter-april17" (PDF). 5 April 2017. Archived from the original (PDF) on 13 April 2018. Retrieved 17 October 2018.
- ^ "Idea Mobile Commerce to merge with Aditya Birla Idea Payments". The Economic Times. 29 April 2016. Retrieved 17 October 2018.
- ^ "Aditya Birla Group closes its banking business within 2 years of operations - ET BFSI". The Economic Times. Retrieved 23 July 2020.
