It was in February 2018 when Aditya Birla Idea Payments Bank got the approval from the Reserve Bank of India for payment banking operations. Now, this bank is preparing to consolidate its business. The Reserve Bank of India said on Monday that Aditya Birla Idea Payments Bank is voluntarily tying up its business and preparing for liquidation. The Reserve Bank of India said in a notification, 'We advise that the Bombay High Court had passed an order on 18 September 2019 to voluntarily wind up the business of Aditya Birla Idea Payments Bank Limited.'

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RBI said that Bombay High Court appointed Vijaykumar V. Iyer, Senior Director, Deloitte Tusha Tomatsu India LLP as liquidator for this. In July this year, Aditya Birla Idea Payments Bank announced the closure of its business due to 'unexpected developments'. The bank had said that its economic model is 'unviable'.

For information, let us know that before this, four payments banks have already consolidated their business. Tech Mahindra, a consortium of Cholamandalam Investment and Finance Company and Dilip Shanghvi, IDFC Bank Limited and Tele Knoll Financial Services, had earlier announced their exit from the payments banking sector.

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Aditya Birla Idea Payments Bank was informed on the official website www.adityabirla.bank to consolidate its business. The bank has told its consumer that we want to assure you that the bank has made complete arrangements for the refund of your deposit.

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