Aditya Birla Nuvo Ltd (ABNL) on Friday announced the formation of a joint venture with group firm Idea Cellular to set up a payments bank.

A payments bank can only accept deposits and transfer money from one account to another. It can’t lend. Last year in August, the central bank had given in-principle approval to Aditya Birla Nuvo to set up a payments bank. The company, with Idea Cellular, has incorporated a subsidiary, Aditya Birla Nuvo said in a BSE filing. Aditya Birla Nuvo will hold 51 per cent of the shares and the rest 49 per cent will be held by Idea Cellular, it added.

http://www.business-standard.com/article/companies/abnl-venture-with-idea-for-payments-bank-116021900668_1.html

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