Aditya Birla Idea Payments Bank announces to shut down operations 18 months from launch

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Aditya Birla Idea Payments bank has announced a closure of its operations on 21 July, 2019, cited Inc42. The Aditya Birla Idea Payments bank is the part of Aditya Birla Group’s payments bank.

The company stated, “We regret to inform you that we intend to discontinue our banking services. However, we would like to assure you that the bank has made full and complete arrangements for the return of your deposits.

“We request you to transfer the balance through online/mobile banking/nearest banking point. We will be restricting any further credits (add money) to your account from July 26, 2019,” the company added.

Sudhakar Ramasubramanian, CEO of the Aditya Birla Idea Payments Bank had informed its employees about the shutdown in a recent company town hall held on July 19. Post which, about 160 employees have already left and some were places within other verticals of Aditya Birla Group, while the rest were asked to leave, according to the sources.
The last working day for the company employees is said to be October 18.
Further on, the difference between the payments bank and conventions banks is that the former are not allowed to lend to customers or issue credit cards. However, they can accept deposits up to ₹1 lakh per individual and offer current and savings account deposits. Also, they can issue debit cards, and offer internet banking.

Some of the significant payments bank that are run by entities such as Paytm, India Post, Airtel, Reliance Jio, Fino, and many more.

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