Aditya Birla Group receives RBI licence to set up payments bank

The Aditya Birla Group has received the final licence from the Reserve Bank of India to set up its payments bank, the Aditya Birla Idea Payments Bank. The payments bank is a JV between Aditya Birla Nuvo Limited and Idea Cellular, with the two entities holding a 51 per cent and 49 per cent stake respectively.