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Idea payments bank begins operations; becomes fifth payments bank in the country

February 23, 2018

Aditya Birla Idea Payments Bank Limited (ABIPBL) has begun operations in India. With this, the number of payments banks in the country has risen to five after the central bank gave approval to a total 11 applicants in August 2015.

The Reserve Bank of India has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India.

The roll-out comes at a time when the Telecom Regulatory Authority of India has issued fresh know your customer (KYC) norms for payments banks are likely to increase operational costs for these banks.

The other payments banks that have started operations include Airtel Payments Bank Limited, India Post Payments Bank Limited, Paytm Payments Bank Limited and Fino Payments Bank Limited. Other applicants yet to establish payments banks include Vodafone m-Pesa Limited, Reliance Industries Limited and National Securities Depository Limited. Meanwhile, of the total 11 granted licenses, three have been surrendered.


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