ABNL venture with Idea for payments bank - Feedback

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.


About news

We take care of publishing the latest investment news and highlights for Feedback

Leave a Reply

Your email address will not be published. Required fields are marked *