Aditya Birla Idea Payments Bank headed for liquidation
PTI, Nov 19, 2019, 9:45 AM IST
Mumbai: The Reserve Bank on Monday said Aditya Birla Idea Payments Bank is headed for liquidation post application by the company for voluntarily winding up.
“We advise that on a voluntarily winding up application by Aditya Birla Idea Payments Bank Limited, the Bombay High Court has passed an order on September 18, 2019,” RBI said in a notification.
RBI said that the Bombay High Court has appointed Vijaykumar V Iyer, Senior Director of Deloitte Touche Tohmatsu India LLP as the liquidator of Aditya Birla Idea Payments Bank. Earlier in July this year, Aditya Birla Idea Payments Bank had announced winding up its business on account of “unanticipated developments” that made its economic model “unviable”.
Until now a total of four players in payment banking space have shut shops. Before this, Tech Mahindra, Cholamandalam Investment and Finance Company and a consortium of Dilip Shanghvi, IDFC Bank Ltd and Telenor Financial Services had announced to exit the payments banking space.
In February 2018, Aditya Birla Idea Payments Bank had become the fourth entity to begin payments banking operations since the issuance of licences to 11 firms by the RBI in August 2015.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year
Kotak Mahindra Bank shares tank 13%; mcap erodes by Rs 37,721 crore post RBI action
Four-day market rally makes investors richer by Rs 8.48 lakh crore
Kotak Bank barred from onboarding customers online, issuing fresh credit cards
Reverse migration has begun, says FM Nirmala Sitharaman
MUST WATCH
Latest Additions
Siddaramaiah meets Neha Hiremath’s family, offers condolences
Lok Sabha Polls 2024: Bengaluru bigwigs cast votes early
LS Elections 2024: Brisk voting in Udupi & Dakshina Kannada; EVM snag delays polling in some booths
IPL 2024: I’ll sleep better, says Faf du Plessis
IndiGo, Air India plan to purchase up to 170 wide-body planes in little over a year