Aditya Birla Payments Bank to down shutters

MUMBAI: Aditya Birla Idea Payment Bank is all set for liquidation following an application to voluntarily wind up its operations has been received from the bank, according to a Reserve Bank of India (RBI) statement.

“We advise that on a voluntarily winding up application from Aditya Birla Idea Payments Bank Ltd, the Bombay High Court has passed an order on September 18, 2019,” added RBI

RBI also said Vijaykumar V Iyer, Senior Director of Deloitte Touche Tohmatsu India LLP has been appointed as the liquidator for Aditya Birla Idea Payments Bank Ltd.

In July, Aditya Birla Idea Payments Bank had made statement that it intended to wind up its business on account of “unanticipated developments” that made its economic model “unviable”.

It was in February 2018, Aditya Birla Idea Payments Bank had commenced its payments banking operations after receiving licence in August, 2015. Aditya Birla payments Bank is the fourth payments bank entity to quit business after 11 firms were allotted licences in August 2015.

Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services had also announced their withdrawal earlier from payment bank business.

 

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