Reserve Bank of India has ceased the Banking operations by the Aditya Birla Idea Payments (ABIP) Bank under Banking Regulations Act 1949 with effect from July 28, 2020. Now the bank company could not able to work successfully and applied for voluntary winding up by the Vodafone Idea Limited which holds 51% in ABIP bank and the remaining 49% by Grasim Industries Limited.
About Aditya Birla Idea Payments (ABIP) Bank:
In February 2018, Aditya Birla Idea Payments Bank became the fourth entity to begin payments banking operations since the issuance of licences to 11 firms by the RBI in August 2015. The Bank had received the banking licence to operate as a payments bank in April 2017. It had also got authorisation to work on Prepaid Payments Instrument business.
Important takeaways for all competitive exams:
A brief yet poignant scene in the hit series Family Man 3 has opened a…
India is often called the Land of Festivals because it celebrates countless festivals throughout the…
Simone Tata, a transformative figure in India’s business landscape and the step-mother of Ratan Tata,…
IndiGo Airlines is one of India’s most popular and trusted airlines. It is known for…
Many countries have different names in different languages. One such country is Germany, which is…
Northeast India is a region full of beautiful landscapes, green forests and rich culture. A…