Idea Cellular’s Aditya Birla Idea Payments Bank is Now Operational in India

One way in which the recent wave of digitization has helped Indians is to transform the way they transact and save money. As a result, various digital payments bank options have cropped up and the newest name to join the list is Idea Cellular. Formally known as the Aditya Birla Idea Payments Bank, the service is now active, as per the Reserve Bank of India.

The Idea Payments Bank is the seventh entity to receive an approval for payments banking from the central bank. It was among the 11 applicants who received an interim nod from the RBI back in August 2015 for setting up its payments bank business. The existing payments banks in India includes Paytm, Fino, India Post, and Airtel Payments Bank while Reliance Jio is expected to launch a similar solution in partnership with India’s largest public sector bank, the State Bank of India (SBI).