Aditya Birla Nuvo (ABNL) has submitted an application to the Reserve Bank of India (RBI) for obtaining license for setting-up Payments Bank, in accordance with the Guidelines for Licensing of Payments Bank issued by RBI on November 27, 2014.
As per the proposed structure, ABNL will be the Promoter of Payments Bank holding 51% equity capital. Idea Cellular (Idea), an Aditya Birla Group company where ABNL is largest promoter shareholder, will be holding balance 49% equity capital.
The board of directors of ABNL has also approved that equity participation of Idea may be increased up to 60%, if permitted from time to time with approval of regulatory bodies as applicable.
