Idea, AB Nuvo jointly form payments bank

Idea Cellular has informed bourses that the company jointly with Aditya Birla Nuvo has incorporated a company named Aditya Birla Idea Payments Bank. Idea Cellular will hold up to 49 per cent equity capital in it and AB Nuvo the the remaining 51 per cent. This follows the in-principle approval issued by the RBI to AB Nuvo, promoter and single largest shareholder of Idea Cellular, to set up a payments bank. Aditya Birla Nuvo had applied for payments bank license on February 2, 2015.

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