Aditya Birla, Idea form JV for payments bank
Aditya Birla Nuvo on Friday announced the formation of a joint venture (JV) with Idea Cellular to form a payments bank. Such banks can offer internet banking and initially collect deposits of up to ₹1 lakh per individual. The RBI gave 'in-principle' approval to 11 entities to form payment banks last year, including Reliance Industries, Tech Mahindra and Vodafone.