Aditya Birla Idea Payments Bank to close operations

Nearly 17 months after it began operations, Aditya Birla Idea Payments Bank Limited (ABIPBL) Saturday announced winding up of its business on account of "unanticipated developments" that made its economic model "unviable".

"...we wish to inform you that the Board of Directors of our associate company Aditya Birla Idea Payments Bank Limited (ABIPBL), has subject to receipt of requisite regulatory consents and approvals, approved the voluntary winding up of ABIPBL," Vodafone Idea Limited said in a regulatory filing.

The decision has been taken due to unanticipated developments in the business landscape that have made the economic model unviable, the filing added.

In February 2018, Aditya Birla Idea Payments Bank became the fourth such entity to begin operations since the issuance of licences to 11 firms by RBI in August 2015.