Stocks

Aditya Birla Nuvo, Idea Cellular gain on payments bank venture

Reuters | Updated on January 20, 2018 Published on February 22, 2016

Shares of Aditya Birla Nuvo and Idea Cellular today gained about 2 per cent each as both the companies have jointly set up payments bank.

At 11.22 a.m., the shares of Aditya Birla Nuvo were trading higher by 1.96 per cent at Rs 755 on the BSE. Idea Cellular shares were trading up by 1.25 per cent at Rs 109.75.

In a regulatory filing late on Friday, Aditya Birla Nuvo had said the companies have incorporated a subsidiary called ‘Aditya Birla Idea Payments Bank Ltd’.

Idea will hold 49 per cent stake in the joint venture, with Aditya Birla Nuvo holding the rest.

Last year, the Reserve Bank of India gave approval for 11 entities to open payments banks. The move is aimed at granting millions of citizens access to basic banking.

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Published on February 22, 2016
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