MUMBAI: Aditya Birla Idea Payments Bank Limited has commenced operations as a payments bank with effect from February 22, 2018, the Reserve Bank of India release said Aditya Birla Idea Payments bank is among seven entities to get a final approval from the banking regulator.
Airtel Payments Bank Ltd was the first payments bank to start operations in January 2017 followed by India Post.
So far, Airtel, Paytm, India Post, and Fino Payments Bank have launched their operations.
''Aditya Birla Nuvo Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank, on August 19, 2015,'' RBI said.
One of the challenges for the payments banks is they have to fully meet the KYC (know your customer) norm requirement by RBI before February 28.
Idea Cellular had applied for a Payments Banks license in a 49:51 joint venture with Aditya Birla Nuvo Limited.
On April 03, 2017, Aditya Birla Payments Bank Limited received a license from RBI The payments bank is set up through the newly formed Aditya Birla Financial Services with the merger of Grasim Industries and Aditya Birla Nuvo, which received the payment bank licence.