Idea Payment Bank, a company run by the Aditya Birla Group, will soon declare itself bankrupt. The company had earlier shut down its operations in July. The Reserve Bank of India said that the company had been ordered to declare itself bankrupt from the Bombay High Court on 18 September 2019. The High Court has ordered Vijaykumar V Iyer, Senior Director, Deloitte India to complete the insolvency process.
On July 20, the message was released to customers
The bank had asked its customers on July 20, 2019, that all those people who are payment bank customers, get their balance transferred as soon as possible. Aditya Birla Idea Payment Bank has launched 17 months ago in April 2016. The payment bank is a joint venture between Aditya Birla Nuvo and Idea Cellular. Aditya Birla Nuvo has a 51 per cent stake in it. The bank was licensed by the Reserve Bank of India for a payment bank in August 2015.
In April 2016, Idea Cellular merged subsidiary Idea Mobile Commerce Services with Payments Bank and named it Aditya Birla Idea Payments Bank. Now after the closure of this payment bank, only the payment bank services of major companies like Airtel, Paytm, Jio, India Post will be available.
Tariff fee will increase from December 1
The Indian telecom industry is going towards a new revolution. All telecom companies say that they are running in losses. A few days ago the Supreme Court has asked Vodafone Idea to pay Rs 44,200 as adjusted gross revenue (AGR) within 90 days. After this order of the Supreme Court, Vodafone Idea has announced to increase the tariff plan from December 1.
After Vodafone Idea, Airtel has now announced an increase in tariff. Airtel has said in a statement that its tariff plans will be expensive from December 1 onwards. Airtel said in a statement, "We understand that TRAI will consult and set new prices to bring reasonableness in pricing in the Indian mobile sector."
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