Aditya Birla Group gets RBI licence to start payments bank


Aditya Birla Idea Payments Bank Ltd becomes the seventh entity to receive a final licence from the Reserve Bank of India (RBI) to set up a payments bank.

Except Vodafone M-Pesa Ltd, all payment bank licence holders have received the final approval. Among payment bank licence holders, two entities namely Airtel Payments Bank and India Post Payments Bank (IPPB) have started operations so far. 
While Airtel is offering 7.25% interest on its savings account, IPPB is offering three types of accounts where interest rates will vary from 4.5-5.5%.

Takeaways from above News-
  • Aditya Birla Group gets RBI licence to start payments bank
  • Airtel launched India’s first payments bank
  • A payments bank is like any other bank, but operating on a smaller scale without involving any credit risk. 

If you have any other takeaways, do share with us in the comment section
 
Source- The Economic Times

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