Reserve Bank of India (RBI) has granted license to Aditya Birla Idea Payments Bank, a 51:49 joint venture (JV) between Aditya Birla Nuvo (ABNL) and Idea Cellular, to carry out business of payments bank in India. Payments banks are allowed to accept deposits and open current and savings accounts, but are restricted from issuing loans or credit cards. Aditya Birla Idea Payments Bank becomes the seventh entity to receive a final licence from the RBI to set up a payments bank.
Aditya Birla Nuvo is a premium conglomerate. It is part of the Aditya Birla Group, a US$ 41 billion Indian multinational operating in 36 countries across six continents. Its service sector businesses include Financial Services, Fashion & Lifestyle and Telecom.