Idea Cellular, in partnership with Aditya Birla Nuvo Limited (ABNL), has applied for a payments bank licence with the Reserve Bank of India.  As per the proposed structure, ABNL will be the promoter of payments bank with an equity ownership of 51 per cent while Idea Cellular Limited will be holding the remaining 49 per cent stake.

ABNL’s Board of Directors have also approved that Idea Cellular’s ownership in the joint venture can be increased up to 60 per cent with approval of regulatory bodies. As per the Reserve Bank of India (RBI) guidelines on payments bank, these entities on having procured the payments bank licence, can raise deposits of up to Rs 100,000 per individual, issue ATM/debit cards and sell simple financial products such as mutual funds and insurance products. Payment banks would also be allowed to offer payments and remittance services through various channels.