In the financial structure of the country, new signs of concern have started to appear one after another. Concerns about Non-banking financial companies (NBFCs) did not end even that there has been a new worry about payment banks established for payment purposes only. On Saturday, Aditya Birla Group has announced to close its payment bank.
Aditya Birla Idea Payment Bank has informed its customers that before 26th July, they can transfer their full amount in the payment bank. Enough financial measures have been taken for every customer’s account to get it back. The company has told that it is not possible to stay ahead of it in view of the changes in recent times in its business.
In August 2015, the Reserve Bank of India (RBI) had allowed 11 major corporate houses including Aditya Birla Group to open a payment bank. Nearly four years later, the status of any other payment bank except for Airtel and Pettym is not correct. Many banks have not been able to start operating even correctly.