Idea Cellular Gets Set To Take On Airtel With Its Own Payments Bank
.jpg?downsize=1010:568 "Idea Cellular Gets Set To Take On Airtel With Its Own Payments Bank")
Aditya Birla Nuvo Ltd. has got the final nod from the Reserve Bank of India (RBI) to start a payments bank in India, the company said in a stock exchange filing on Tuesday.
Aditya Birla Idea Payments Bank Ltd. a joint venture between two Aditya Birla Group companies—Aditya Birla Nuvo and Idea Cellular Ltd.—is among six companies to get a final approval from the banking regulator. Airtel Payments Bank Ltd. was the first such payments lender to launch commercial operations in January, followed by India Post. The latest player to start operations is Paytm. Fino PayTech and National Securities Depository Ltd. (NSDL) are two other companies to have got a final nod from the banking regulator to begin operations.
Payments banks are allowed to accept deposits and open current and savings accounts, but are restricted from issuing loans or credit cards. The government's thrust on digital payments is also expected to provide an impetus for growth to these new payment platforms. Like Airtel Payments Bank, the Aditya Birla Idea Payments Bank will look to target Idea Cellular's existing subscriber base to grow.
Three other organisations have ‘in-principle' licences from the RBI, including Reliance Industries Ltd. and Vodafone M-Pesa.
Tech Mahindra Ltd., Sun Pharmaceuticals Ltd. promoter Dilip Shanghvi, and Cholamandalam Distribution Services Ltd. have opted out since getting a similar approval in August 2015.
The country's nodal security depository NSDL hopes to launch its payments bank by May.
(Corrects an earlier version that said Fino PayTech And NSDL are awaiting final approval)
-
Unhedged Position: Can India See An Indonesia-Style Time Correction?
The Nifty is trading below levels it first clocked in 2024. Is there, then, as I have suggested in the headline, potential that the current time correction drags on painfully for the next three-five, even ten years?
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
