Aditya Birla Group gets RBI licence to start payments bank

Posted on:07 Apr 2017 17:43:21
Aditya Birla Group gets RBI licence to start payments bank
07 April 2017 Current Affairs:

Aditya Birla Idea Payments Bank Ltd becomes the seventh entity to receive a final licence from the Reserve Bank of India (RBI) to set up a payments bank, according to a stock exchange notification.

Among payment bank licence holders, two entities namely Airtel Payments Bank and India Post Payments Bank (IPPB) have started operations so far. While Airtel is offering 7.25% interest on its savings account, IPPB is offering three types of accounts where interest rates will vary from 4.5-5.5%.

Aditya Birla Idea Payments Bank is a 51:49 joint venture (JV) between Aditya Birla Nuvo Ltd (ABNL) and telecom major Idea Cellular.

Idea Cellular Chief Corporate Affairs Officer: Rajat Mukarji

Aditya Birla Nuvo Ltd Head: Kumar Mangalam Birla


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