On 02 February 2015
Aditya Birla Nuvo (ABNL) announced that the Company has on 02 February 2015 submitted an application to the Reserve Bank of India for obtaining license for setting-up "Payments Bank", in accordance with the Guidelines for Licensing of Payments Bank issued by RBI on 27 November 2014.As per the proposed structure, ABNL will be the Promoter of Payments Bank holding 51% equity capital. Idea Cellular, an Aditya Birla Group company where ABNL is largest promoter shareholder, will be holding balance 49% equity capital.
The Board of Directors of ABNL has also approved that equity participation of Idea may be increased up to 60%, if permitted from time to time with approval of regulatory bodies as applicable.
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