It was one of the 11 applicants to receive RBI’s approval to launch a payments bank. ABPB – a joint venture by Aditya Birla Group and Idea Cellular – was launched on 22 February 2018.
The bank will take three months to formally shut down all its operations, it is understood.
ABPB states on its website that it has made “full and complete arrangements” for return of customer deposits.
The bank had operations across Mumbai, Chennai, Indore, Lucknow and Hyderabad. For its technology, it used Infosys’ Finacle core banking system.
It is understood that of 11 banks granted licence by RBI, only six remain operational today. These include Airtel Payments Bank, Fino Payments Bank, India Post Payments Bank, Paytm Payments Bank.
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