Aditya Birla Idea Payments Bank Ltd. received a final license from the Reserve Bank of India to commence operations.
The payments bank is a joint venture between Aditya Birla Nuvo Ltd. and telco Idea Cellular, Mint reported April 4. The former owns a 51% stake while the latter holds the remaining 49%, according to an April 5 bourse filing.
In December 2016, the Press Trust of India reported that the payments bank was set to be launched in the first half of 2017, citing Idea Cellular's chief corporate affairs officer, Rajat Mukarji.
Aditya Birla Idea Payments Bank is the seventh company to receive final approval from the central bank to begin operations as a payments bank. It is one of the 11 entities that received in-principle approval in August 2015.