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

Must Read

President Ram Nath Kovind appoints new governor for Kerala, Telangana, Himachal Pradesh and Maharashtra

President Ram Nath Kovind appointed new governors for Maharashtra, Kerala, Telangana, Rajasthan, and Himachal Pradesh on Sunday. Former Union Minister Kalraj...

NRC list for Assam released; Fear looms as 19 lakh people face exclusion

NRC (National Register of Citizens) for Assam has been published at 10 am today. The final list excludes over...

Lateral Entry Era Begins as Union govt. appoints 9 professionals to Joint Secretary posts

The government has appointed its first batch of private professionals to the post of Joint Secretary in various ministries....

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.


Please enter your comment!
Please enter your name here

- Advertisement -

Latest News

PM Modi urges diaspora to help boost tourism

Houston, Sep 23 (IANS) Prime Minister Narendra Modi urged Indian Americans to help boost tourism in India by bringing...

‘Majama che, sob khub bhalo’: PM Modi says at ‘Howdy Modi’

Houston, Sep 23 (IANS) Prime Minister Narendra Modi, addressing a crowd of 50,000 cheering Indian Americans, said the answer to the question 'Howdy Modi'...

PM Modi leaves for New York after Howdy Modi event

Houston, Sep 23 (IANS) After the hugely successful 'Howdy Modi' event in Houston that saw US President Donald Trump share the stage with him,...

Will sit down with President Trump for positive deals: PM Modi

Houston, Sep 23 (IANS) Prime Minister Narendra Modi pitched India as an attractive investment destination and said that with the "economic miracle" being wrought...

No plans to meet with Rouhani at UN: Trump

Washington, Sep 23 (IANS) President Donald Trump said Sunday that he had no plans to meet with Iranian President Hassan Rouhani during the UN...
- Advertisement -

More Articles Like This