• Welcome to DreamDTH Forums - an online community for the television and tech enthusiasts!

    Please Log in or Register yourself to ask a question, participate in a discussion.

Idea, Aditya Birla NuvoApply for Payments BankLicence (1 Viewer)


28 Sep 2013
Reaction score

Diversified firm Aditya Birla Nuvo Ltd
(ABNL) on Monday applied for the
payment bank licence with the Reserve
Bank of India.

"Aditya Birla Nuvo on February 02, 2015,
submitted an application to the Reserve
Bank of India for obtaining licence for
setting-up a payment bank," the
company said in a BSE filing.

As per the proposed structure, ABNL will
be the promoter of payment bank holdin
51 percent equity capital. Idea Cellular
Ltd, an Aditya Birla Group company
where ABNL is largest promoter
shareholder, will be hold the balance 49

(Also see : Bharti Airtel to Apply for
Payments Bank Licence; Kotak to Be

The company added that "the Board of
Directors of ABNL has also approved tha
equity participation of Idea may be
increased up to 60 percent, if permitted,
from time to time with approval of
regulatory bodies as applicable."

(Also see : RIL Teams Up With SBI to Apply for Payments Bank Licence )

As per RBI guidelines on Payments Bank,
they can raise deposits of up to Rs. 1
lakh per individual, issue ATM/debit
cards and sell simple financial products
such as mutual funds and insurance

Payment Banks would be allowed
payments and remittance services
through various channels.
However, Payments Banks, cannot issue
credit cards or undertake lending


Users Who Are Viewing This Thread (Users: 0, Guests: 1)

Top Bottom
AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock