NEW DELHI: The Aditya Birla Idea Payments Bank has shut downall operations across the country on Saturday The customers have been asked towithdraw or transfer money from their respective accounts.
There won't be any credit in customers accounts after July26, said the bank. The 16-month-old entity will surrender it's payment bankinglicense to the Reserve Bank of India (RBI).Aditya Birla Idea Payments Bankbegan operations from February 22, 2018.
It was the fourth entity to join the payment banks sectionwhich was promoted by the RBI to further financial inclusion by giving servicessuch as small savings accounts, payment or remittance services to migrantlabour workforce, low income households, small businesses and unorganisedsector entites as well as other users.The Aditya Birla Payments Bank wasstarted as a joint venture by Aditya Birla Nuvo Ltd and Idea Cellular.