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Aditya Birla Idea Payments Bank Ltd (ABIPBL) has commenced operations as a payments bank with effect from February 22.
ABIPBL is a joint venture between Aditya Birla Nuvo Ltd (51 per cent stake) and Ideal Cellular (49 per cent stake). The payments bank is also authorised to carry on the business of Prepaid Payments Instrument business
The Reserve Bank of India has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank.
Other applicants
Aditya Birla Nuvo Ltd was one of the 11 applicants which were issued in-principle approval for setting up a payments bank. So far, Airtel M Commerce Services Ltd, Department of Posts, Fino PayTech Ltd, and Vijay Shekhar Sharma (Paytm Payments Bank) have started their operations.
Reliance Industries Ltd, Vodafone M-Pesa Ltd, and National Securities Depository Ltd are yet to start their payment bank operations.
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