| 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]
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]
