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Aditya Birla Idea Payments Bank winds up

Aditya Birla Idea Payments Bank, which came into being about 17 months ago, has wound up its business. The bank is it is doing so on account of ‘unanticipated developments’ that made its economic model ‘unviable’. While the bank came into being and started operations before it decided to end its operations, there were 3 other entities – Tech Mahindra, Cholamandalam Investment and Finance Company and the consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services – which were given licenses by the Reserve Bank of India but decided not to set up banks. Vodafone Idea, which had promoted the payments bank, said in a regulatory filing that subject to receipt of requisite regulatory consents and approvals, has decided on the voluntary winding up of Aditya Birla Idea Payments Bank in view of unanticipated developments in the business landscape that have made the economic model unviable. The bank had received the banking license from the RBI on 3 April 2017, for carrying on the business of a payments bank and had also received an authorization to carry on the business of Prepaid Payments Instrument business. It commenced business from 22 February 2018.

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