In February 2018 when Aditya Birla Idea Payments Bank got permission from the Reserve Bank of India (RBI) to conduct payments banking operations. Now this bank is preparing to consolidate its business. The Reserve Bank of India said on Monday that Aditya Birla Idea Payments Bank is voluntarily consolidating its business and preparing for liquidation. The Reserve Bank of India said in a notification, 'We advise that the Bombay High Court had passed an order on 18 September 2019 to voluntarily wind up business of Aditya Birla Idea Payments Bank Limited.'
RBI said that Bombay High Court appointed Vijaykumar V. Iyer, Senior Director, Deloitte Tusha Tomatsu India LLP as liquidator for this. In July this year, Aditya Birla Idea Payments Bank announced the closure of its business due to 'unexpected developments'. The bank had said that its economic model is 'unviable'.
Prior to this, four payments banks have already consolidated their business. Earlier, a consortium of Tech Mahindra, Cholamandalam Investment and Finance Company and Dilip Shanghvi, IDFC Bank Ltd and Tele Knoll Financial Services, announced their exit from the payments banking sector.
Aditya Birla Idea Payments Bank had given information about consolidating its business on the official website www.adityabirla.bank. The bank has told its customers that we want to assure you that the bank has made complete arrangements for the refund of your deposit.
