Diversified firm Aditya Birla Nuvo Ltd
(ABNL) on Monday applied for the
payment bank licence with the Reserve
Bank of India.
"Aditya Birla Nuvo on February 02, 2015,
submitted an application to the Reserve
Bank of India for obtaining licence for
setting-up a payment bank," the
company said in a BSE filing.
As per the proposed structure, ABNL will
be the promoter of payment bank holdin
51 percent equity capital. Idea Cellular
Ltd, an Aditya Birla Group company
where ABNL is largest promoter
shareholder, will be hold the balance 49
percent.
(Also see : Bharti Airtel to Apply for
Payments Bank Licence; Kotak to Be
Investor)
The company added that "the Board of
Directors of ABNL has also approved tha
equity participation of Idea may be
increased up to 60 percent, if permitted,
from time to time with approval of
regulatory bodies as applicable."
(Also see : RIL Teams Up With SBI to Apply for Payments Bank Licence )
As per RBI guidelines on Payments Bank,
they can raise deposits of up to Rs. 1
lakh per individual, issue ATM/debit
cards and sell simple financial products
such as mutual funds and insurance
products.
Payment Banks would be allowed
payments and remittance services
through various channels.
However, Payments Banks, cannot issue
credit cards or undertake lending
activities.
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