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:
Open Network for Digital Commerce (ONDC) has appointed Vibhor Jain as the Managing Director and…
Indian Army has launched the Operation HimSetu to rescue over the 1,400 stranded tourists and…
The Central Armed Police Forces (General) Administration Act, 2026 is officially notified new act after…
The Strait of Hormuz is one of the most important waterways in the world. Even…
The National Highways Authority of India (NHAI) has launched the innovative which named as the…
The Reserve Bank of India has proposed the one hour delay on UPI and bank…