Aditya Birla Idea Payments Bank ceased to be banking company: RBI

Aditya Birla Idea Payments Bank has ceased to be a banking company within the meaning of the Banking Regulation Act, the Reserve Bank said on Thursday.
 

In November last year, the RBI had said that Aditya Birla Idea Payments Bank was headed for liquidation after the company's application for voluntary winding up.
 

"We advise that the 'Aditya Birla Idea Payments Bank Limited' has ceased to be a banking company within the meaning of the Banking Regulation Act, 1949 with effect from July 28, 2020....," one of the notifications said.
 

The decision to shut operations by the Aditya Birla Idea Payments