Aditya Birla Idea Payments Bank Commences Operations

Advertisement
By Ankit Chawla | Updated: 23 February 2018 14:06 IST
Highlights
  • The company had applied for payments bank licence in 2015
  • There is no information on interest rate and services offered
  • Reliance Jio is expected to launch its payments bank soon

Aditya Birla Group-owned Idea Cellular on Thursday announced the commencement of operations of the Aditya Birla Idea Payments Bank in India. The Reserve Bank of India (RBI) issued the licence to Idea Cellular Payments Bank under Section 22 (1) of the Banking Regulation Act of 1949. Idea, in partnership with Aditya Birla Nuvo, was one of the 11 applicants who were issued approval to open a payments bank back in August 2015. Reliance Jio is also expected to commence similar operations soon.

Idea Cellular is the latest to join the ranks of Bharti Airtel, India Post, and Paytm in opening a payments bank in India. While the payments bank has been incorporated, there is currently no information on interest rates and services offered by Idea. We've reached out for more information on this front. Sudhakar Ramasubramanian is the current CEO designate for Idea Payments Bank.

A payments bank is a banking institution that offer services such as current accounts, savings accounts, and demand deposits (up to Rs 1 lakh). This category of banks can also issue ATM/ debit cards. However, payments banks are not allowed to extend loans and credit cards to customers.

Advertisement

Bharti Airtel was the first to enter the scene in India with the Airtel Payments Bank launched back in January 2017. The bank currently continues to offer 7.25 percent interest rate on savings accounts, a rate announced at launch.

Advertisement

Even Paytm announced the Paytm Payments Bank in May 2017. It currently offers an interest rate of 4 percent on savings accounts. A physical RuPay debit card is also available at a price of Rs. 100. India Post, on the other hand, offers a 4.5 percent on savings account opened up with the government-owned postal department's payments bank.

 

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Advertisement

Related Stories

Popular Mobile Brands
  1. Best Diwali 2025 Wishes, Quotes, and Facebook Statuses to Share
  2. Madam Sengupta Is Now Streaming: Know Where to Watch This Bangla Crime Thriller
  1. Mysterious Asteroid Impact Found in Australia, But the Crater is Missing
  2. Thanal Comes to OTT: Everything You Need to Know About This Tamil Action Thriller
  3. Madam Sengupta Is Now Streaming: Know Where to Watch This Bangla Crime Thriller
  4. Ryugu Samples Reveal Ancient Water Flow on Asteroid for a Billion Years
  5. Scientists Create Most Detailed Radio Map of Early Universe Using MWA
  6. Mayor of Kingstown Season 4 OTT Release: Know When, Where to Watch Jeremy Renner's Crime Drama
  7. Our Fault Is Streaming Now: Know All About This Gabriel Guevara and Nicole Wallace Starrer
  8. The Conjuring: Last Rites Is Now Streaming Online: Know Where to Watch the Latest Installment from the Horror Franchise
  9. Delhi Crime Season 3 OTT Release: Know When to Watch This Shefali Shah Thriller Series
  10. Vast Space to Launch Haven-1, the World’s First Private Space Station in 2026
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.