 "A new and improved UPI to make payments to merchants a seamless experience")
Aditya Birla Idea Payments Bank (ABIPBL) has decided to close down only 17 months into operations. The bank said the closure was prompted by “unanticipated developments in the business landscape that have made the economic model unviable”.
A payments bank can take deposits of up to Rs 1 lakh but cannot give loans or issue credit cards. They can issue debit cards and facilitate mobile banking.
Vodafone Idea, the promoter of ABIPBL, said in a notification to the exchanges late on Friday that the board of the bank approved winding up the business, subject to approval from the Reserve Bank of
