Aditya Birla Nuvo (ABNL) has received an in-principle approval from the Reserve Bank of India (RBI) to set up payment bank under the Guidelines for Licensing of Payments Banks issued on November 27, 2014.
Aditya Birla Nuvo is a $4.5 billion conglomerate by revenue size. The company, part of Aditya Birla Group, is present across financial Services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses.