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Business News/ Industry / Banking/  Aditya Birla Idea Payments Bank to launch in first half of 2017
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Aditya Birla Idea Payments Bank to launch in first half of 2017

Aditya Birla Idea Payments Bank is a 51:49 joint venture between Aditya Birla Nuvo and telecom major Idea Cellular, respectively

Idea Cellular plans to expand its range of Idea-branded digital content across movies, music, TV, games, news and digital wallet. Photo: Pradeep Gaur/MintPremium
Idea Cellular plans to expand its range of Idea-branded digital content across movies, music, TV, games, news and digital wallet. Photo: Pradeep Gaur/Mint

New Delhi: After Airtel, Aditya Birla Idea Payments Bank is set to launch its services in the first half of 2017. Aditya Birla Idea Payments Bank is a 51:49 joint venture (JV) between Aditya Birla Nuvo Ltd (ABNL) and telecom major Idea Cellular, respectively.

“The first half of 2017 will also see the launch of Aditya Birla Idea Payments Bank," Idea Cellular chief corporate affairs officer Rajat Mukarji said. In November, Airtel Payments Bank became the first payments bank to go live in the country with the rollout of its banking services in Rajasthan. Since then, it has expanded services to Andhra Pradesh and Telangana as well.

Airtel had said the pilot rollout in Rajasthan saw over one lakh customers opening savings accounts in less than two weeks of commencement of services. With the objective of deepening financial inclusion, RBI kicked off an era of differentiated banking by allowing SFBs (small finance banks) and PBs (payments banks) to start services.

A total of 21 entities were given in-principle nod last year, including 11 for payments banks. Later, three entities—Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank and Telenor Financial Services—backed out of the payments bank licensing.

Payments banks can accept deposits from individuals and small businesses up to a maximum of Rs1 lakh per account. Idea Cellular, which holds nearly 900 MHz of spectrum across TDD and FDD bands, also plans to expand its range of Idea-branded digital content across movies, music, TV, games, news and digital wallet, Mukarji said.

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Published: 29 Dec 2016, 09:41 PM IST
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