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Aditya Birla Idea Payments bank to shut down operations

The Aditya Birla Idea Payments Bank has shut down all operations across the country on Saturday

Aditya Birla Idea Payments bank to shut down operations

NEW DELHI: The Aditya Birla Idea Payments Bank has shut down all operations across the country on Saturday

The customers have been asked to withdraw or transfer money from their respective accounts. 

There won't be any credit in customers accounts after July 26, said the bank.

The 16-month-old entity will surrender it's payment banking license to the Reserve Bank of India (RBI).

Aditya Birla Idea Payments Bank began operations from February 22, 2018.

It was the fourth entity to join the payment banks section which was promoted by the RBI to further financial inclusion by giving services such as small savings accounts, payment or remittance services to migrant labour workforce, low income households, small businesses and unorganised sector entites as well as other users.

The Aditya Birla Payments Bank was started as a joint venture by Aditya Birla Nuvo Ltd and Idea Cellular.