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Aditya Birla Idea Payments Bank to shut down its operations 17 months after launch

Updated : July 20, 2019 06:41 PM IST

After 17 months after it had commenced operations, Aditya Birla Idea Payments Bank Ltd (ABIPBL), a venture between Aditya Birla Nuvo and Idea Cellular, is set to wind down all operations.

The board has approved the winding up of operations in a meeting held on July 19, subject to regulatory approvals. The bank has asked customers to transfer their balances before July 26.

In a statement, Aditya Birla Group said, "The group remains committed to protect the interest of all stakeholders including its business partners and employees and therefore to enable some of the customers to ensure that the deposits are stopped with the bank closing down, they will continue operations in a limited capacity to ensure that customers can withdraw their deposits or transfer them to other accounts."

Around 200 employees are working with the bank and most of them will be absorbed within the Aditya Birla Group. However, some of the employees will be removed with severance packages. The digital bank has about Rs 20 crore of deposits with it.
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