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{{short description| | {{short description|Indian bank}} | ||
{{Use dmy dates|date=June 2022}} | |||
{{Use Indian English|date=June 2022}} | |||
{{Infobox company | {{Infobox company | ||
| name = Aditya Birla Payments Bank | | name = Aditya Birla Payments Bank | ||
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'''Aditya Birla Payments Bank''' Limited (ABPB) was a [[payments bank]] started as a joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular.<ref name=hbl>{{cite news|url=https://www.thehindubusinessline.com/money-and-banking/aditya-birla-nuvo-forms-jv-with-idea-cellular-for-payments-bank/article8257857.ece|title=Aditya Birla Nuvo forms JV with Idea Cellular for payments bank|date=19 February 2018|publisher=[[The Hindu Business Line]]|access-date=17 October 2018}}</ref> Launched on February | '''Aditya Birla Payments Bank''' Limited (ABPB) was a [[payments bank]] started as a joint venture by Aditya Birla Nuvo Ltd. and [[Idea Cellular]].<ref name=hbl>{{cite news|url=https://www.thehindubusinessline.com/money-and-banking/aditya-birla-nuvo-forms-jv-with-idea-cellular-for-payments-bank/article8257857.ece|title=Aditya Birla Nuvo forms JV with Idea Cellular for payments bank|date=19 February 2018|publisher=[[The Hindu Business Line]]|access-date=17 October 2018}}</ref> 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.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/aditya-birla-idea-payments-bank-begins-operations/articleshow/63034052.cms|title=Aditya Birla Idea Payments Bank begins operations|date=22 February 2018|publisher=[[The Economic Times]]|access-date=17 October 2018}}</ref><ref>{{cite web|url=https://rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=43207|title=Aditya Birla Idea Payments Bank Limited commences operations|date=22 February 2018|access-date=17 October 2018}}</ref> | ||
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.<ref>{{cite | 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.<ref>{{cite news |title=Aditya Birla Idea Payments Bank to close operations - Times of India |url=https://timesofindia.indiatimes.com/business/india-business/aditya-birla-idea-payments-bank-to-close-operations/articleshow/70309203.cms |website=The Times of India|date=20 July 2019 }}</ref> | ||
==History== | ==History== | ||
Aditya Birla Nuvo (now [[Grasim Industries|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.<ref>{{cite news|url=https://www.thehindubusinessline.com/markets/stock-markets/grasim-gets-investors-nod-to-merge-ab-nuvo-with-itself/article9622529.ece|title=Grasim gets | Aditya Birla Nuvo (now [[Grasim Industries|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.<ref>{{cite news|url=https://www.thehindubusinessline.com/markets/stock-markets/grasim-gets-investors-nod-to-merge-ab-nuvo-with-itself/article9622529.ece|title=Grasim gets investors' nod to merge AB Nuvo with itself|date=7 April 2018|publisher=[[The Hindu Business Line]]|access-date=17 October 2018}}</ref> 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.<ref>{{cite web|url=https://www.adityabirlanuvo.com/pdf/ABNLSELetter-april17.pdf|title=ABNLSELetter-april17|date=5 April 2017|access-date=17 October 2018|archive-date=13 April 2018|archive-url=https://web.archive.org/web/20180413030434/http://www.adityabirlanuvo.com/pdf/ABNLSELetter-april17.pdf|url-status=dead}}</ref> | ||
Aditya Birla Payments Bank earlier operated as IMCSL (Idea Mobile Commerce Services Ltd) as a brand of Idea Cellular Ltd.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/idea-mobile-commerce-to-merge-with-aditya-birla-idea-payments/articleshow/52044168.cms|title=Idea Mobile Commerce to merge with Aditya Birla Idea Payments|date=29 April 2016|publisher=[[The Economic Times]]|access-date=17 October 2018}}</ref> | Aditya Birla Payments Bank earlier operated as IMCSL (Idea Mobile Commerce Services Ltd) as a brand of Idea Cellular Ltd.<ref>{{cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/idea-mobile-commerce-to-merge-with-aditya-birla-idea-payments/articleshow/52044168.cms|title=Idea Mobile Commerce to merge with Aditya Birla Idea Payments|date=29 April 2016|publisher=[[The Economic Times]]|access-date=17 October 2018}}</ref> | ||
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==References== | ==References== | ||
{{Reflist | {{Reflist}} | ||
==External links== | ==External links== | ||
{{Portal|Banks}} | |||
* {{Official website|https://www.adityabirla.bank/}} | * {{Official website|https://www.adityabirla.bank/}} | ||
Latest revision as of 06:28, 17 February 2026
| 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]
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]
History[edit | edit source]
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.[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[edit | edit source]
- ↑ 1.0 1.1 "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.
- ↑ "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.