Within 18 months of starting operations, the payments bank of the Aditya Birla Group has decided to wind up operations citing ‘unanticipated developments in [the] business landscape.’
Aditya Birla Nuvo Ltd. was one of the 11 entities that had received a payments bank licence from the RBI in August 2015. The bank began operations as Aditya Birla Idea Payments Bank from February, 2018.
The entity started operations as Aditya Birla Idea Payments Bank Limited started operating on from February 22, 2018.
“The board of directors of our associate company Aditya Birla Idea Payments Bank Limited (ABIPBL) has, subject to receipt of requisite regulatory consents and approvals, approved the voluntary winding up of ABIPBL,” Vodafone-Idea said in a statement to the exchanges.
“This decision has been taken due to unanticipated developments in the business landscape that have made the economic model unviable,” Vodafone Idea said in a statement to the exchanges.
