Which is the 5th company to start operating as a Payment Bank in India as of 27th February 2018?

Q. Which is the 5th company to start operating as a Payment Bank in India as of 27th February 2018?

A. Fino PayTech Ltd
B. Vodafone M-Pesa Ltd
C. Aditya Birla Idea Payments Bank Ltd
D. National Securities Depository Ltd

Answer: C. Aditya Birla Idea Payments Bank Ltd

  • Aditya Birla Idea Payments Bank Ltd (ABIPBL) has gotten the approval of the Reserve Bank of India (RBI) to commence operations as a payments bank in India.
  • ABIPBL has started working with effect from February 22, 2018.
  • RBI has issued a license to the bank under Section 22 (1) of the Banking Regulation Act, 1949.
  • ABIPBL is a joint venture between Aditya Birla Nuvo Ltd (51 percent stake) and Idea Cellular (49 percent stake).
  • The payments bank is also authorized to carry on the business of Prepaid Payments Instrument business.
  • So far, 4 payment banks are already operating in India. They are Airtel M Commerce Services Ltd, Department of Posts, Fino PayTech Ltd, and Paytm Payments Bank.

Learn more: https://www.thehindubusinessline.com/money-and-banking/aditya-birla-idea-payments-bank-begins-operations/article22838836.ece

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