In July last year, Aditya Birla Idea Payments Bank had announced to wind up banking business over “unanticipated developments” that made its economic model “unviable”

Aditya Birla Idea Payments Bank has ceased to be a banking company under the Banking Regulation Act, 1949, the Reserve Bank has said. “We advise that the ‘Aditya Birla Idea Payments Bank Limited’ has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 with effect from July 28, 2020,” the central bank said in a notification.

In July last year, Aditya Birla Idea Payments Bank had announced to wind up its banking business on account of “unanticipated developments” that made its economic model “unviable”. In November 2019, the Reserve Bank said Aditya Birla Idea Payments Bank was headed for liquidation.

The payments bank was promoted by Grasim Industries Limited and Vodafone Idea Limited with 51 and 49 per cent

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