Aditya Birla Nuvo (ABNL) jointly with Idea Cellular has incorporated a new subsidiary in the name and style of ‘Aditya Birla Idea Payments Bank’ wherein the company will be holding up to 51% shares and balance 49% shares shall be held by Idea Cellular.
Last year in August, the Reserve Bank of India (RBI) has granted its in-principle approval to the company to set up a Payments Bank under the Guidelines for Licensing of Payments Banks issued by it on November 27, 2014. The subsidiary company has been incorporated for the same.
Aditya Birla Nuvo is a $4.4 billion conglomerate operating in the services and the manufacturing sectors, where it commands a leadership position. Its service sector businesses include Financial Services, Fashion & Lifestyle and Telecom.
