Aditya Birla Nuvo on Friday announced it is forming a joint venture with Idea Cellular to form a payments bank.
"Aditya Birla Nuvo has now informed BSE that the company jointly with Idea Cellular has incorporated a new subsidiary for the aforesaid purpose in the name and style of 'Aditya Birla Idea Payments Bank Limited" wherein the company will be holding upto 51 percent shares and balance 49 percent shares shall be held by Idea Cellular," it said in a statement.
Payments banks are allowed to collect deposits of up to Rs.1 lakh initially per individual.