Aditya Birla Payments Bank

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Aditya Birla Payments Bank
Private
IndustryFinancial services
Founded19 February 2016; 2 years ago (2016-02-19)
HeadquartersMumbai, India
Key people
  • Dev Bhattacharya (Non-Executive Director)
  • Sudhakar Ramasubramanian (MD & CEO)
ProductsSavings Account, BHIM ABPB UPI, ABPB Wallet, ABPB Payments Gateway
ServicesBanking, Payments & Payments Systems, UPI, NEFT, IMPS, Third Party Loan Referral, Digital wallet, Group Insurances
ParentGrasim Industries Limited (51%)
Idea Cellular Limited (49%)
Websitewww.adityabirla.bank

Aditya Birla Payments Bank Limited (ABPB) is a payments bank started as a joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular.[1] Launched on February 22, 2018, it is the fourth payments bank to begin operations since issuance of licenses to 11 firms by the Reserve Bank of India in August 2015.[2][3] Payments Banks are a special category of banks that can accept deposits of up to 1 lakh but cannot give loans or credit cards.[4]

The payments bank claims to offer various banking products and services such as current and savings bank account, merchant payments, domestic remittances, Demand Deposits, other related investment and insurance products to its customers.[5]

History[edit]

Aditya Birla Nuvo (now Grasim Industries Limited) was one of the 11 entities to receive an in-principle approval by Reserve Bank of India (RBI) to set-up payments banks in India, in August 2015.[6] Post the in-principle approval, RBI had issued a license to Aditya Birla Payments Bank under Section 22 (1) of the Banking Regulation Act, 1949 to commence with the business of payments bank in April 2017.[7]

Aditya Birla Payments Bank earlier operated as IMCSL (Idea Mobile Commerce Services Ltd) as a brand of Idea Cellular Ltd.[8]

Aditya Birla Nuvo Limited holds 51 percent shares while the remaining 49 percent are with Idea Cellular.[1]

Products[edit]

ABPB Mobile Banking App/Internet Banking[edit]

The app is claimed to help customers with banking facilities, such as opening a savings account, making fund transfer, bill payment, recharges, merchant payments, ABPB shopping card, UPI transactions, accessing third party loans, and group insurance. The ABPB Mobile Banking App is available on Google Play and through Net Banking.

BHIM ABPB UPI[edit]

BHIM ABPB UPI claims to provide a platform for payments — direct bank to bank money transfers, payment to merchants, payment of utility bills, e-commerce transactions, etc. Other features offered include a chat-like interface, expense tracking, bill fetching, scan and pay through BHARAT QR, One Bank PIN and a universal VPA directory. The app is currently available on Google Play.

ABPB Wallet[edit]

The ABPB Wallet (earlier known as Idea Money) offers features like fund transfer, merchant payments, mobile, and DTH recharge, online shopping, postpaid, and utility bill payments.

ABPB UPI Payment Gateway[edit]

ABPB UPI Payment Gateway is expected to streamline online business transactions between merchants, vendors and customers with solutions like auto-fetching customer handle through the VPA directory, one-click mobile payment experience and timely collection of recurring payments.

References[edit]

  1. ^ a b "Aditya Birla Nuvo forms JV with Idea Cellular for payments bank". The Hindu Business Line. 19 February 2018. Retrieved 17 October 2018.
  2. ^ "Aditya Birla Idea Payments Bank begins operations". The Economic Times. 22 February 2018. Retrieved 17 October 2018.
  3. ^ "Aditya Birla Idea Payments Bank Limited commences operations". 22 February 2018. Retrieved 17 October 2018.
  4. ^ "All you need to know about payments banks". The Hindu. 20 August 2015. Retrieved 17 October 2018.
  5. ^ "Aditya Birla Idea Payments Bank starts operations from February 22". MoneyControl. 22 February 2018. Retrieved 17 October 2018.
  6. ^ "Grasim gets investors' nod to merge AB Nuvo with itself". The Hindu Business Line. 7 April 2018. Retrieved 17 October 2018.
  7. ^ "ABNLSELetter-april17" (PDF). 5 April 2017. Retrieved 17 October 2018.
  8. ^ "Idea Mobile Commerce to merge with Aditya Birla Idea Payments". The Economic Times. 29 April 2016. Retrieved 17 October 2018.

External links[edit]