Aditya Birla Idea Payments Bank ceased to be banking company: RBI




Aditya Birla Thought Funds Financial institution has ceased to be a banking firm throughout the which means of the Banking Regulation Act, the Reserve Financial institution mentioned on Thursday.


In November final yr, the RBI had mentioned that Aditya Birla Thought Funds Financial institution was headed for liquidation after the corporate’s software for voluntary winding up.


“We advise that the ‘Aditya Birla Thought Funds Financial institution Restricted’ has ceased to be a banking firm throughout the which means of the Banking Regulation Act, 1949 with impact from July 28, 2020….,” one of many notifications mentioned.






The choice to close operations by the Aditya Birla Thought Funds Financial institution was taken as a consequence of unanticipated developments within the enterprise panorama which have made the financial mannequin unviable, a regulatory submitting by the Vodafone Thought Restricted had mentioned in July final yr.


Aditya Birla Thought Funds Financial institution had acquired the banking licence from the RBI in April 2017 for carrying on the enterprise of a funds financial institution and had additionally acquired an authorisation to hold on the enterprise of Pay as you go Funds Instrument enterprise. It had commenced enterprise from February 22, 2018.


Aditya Birla Thought Funds Financial institution was promoted by Grasim Industries Restricted and Vodafone Thought Restricted with 51 and 49 per cent shareholdings respectively.


In one other notification, the RBI mentioned Westpac Banking Company has additionally ceased to be a banking firm.

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