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Indian payments bank begins operations

India-based Aditya Birla Idea Payments Bank Ltd. started operations Feb. 22 after receiving approval from the country's central bank.

The payments bank, which is a joint venture between Aditya Birla Nuvo Ltd. and telecommunications company Idea Cellular Ltd, received a final license to commence operations in April 2017.

Aditya Birla Nuvo was one of the 11 entities which received approval from the Reserve Bank of India to operate a payments bank in August 2015.