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Aditya Birla Idea Payments Bank heads for liquidation

November 19, 2019
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As per the Reserve Bank of India (RBI), Aditya Birla Idea Payments Bank is headed for liquidation as it has submitted an application for voluntarily winding up operations.

The Bombay High Court has passed an order for the bank’s liquidation on September 18, 2019. According to RBI, Vijaykumar V Iyer, senior director of Deloitte Touche Tohmatsu India LLP has been appointed as the liquidator of Aditya Birla Idea Payments Bank by the Bombay High Court.

Earlier in July 2019, Aditya Birla Idea Payments Bank had announced that it was winding up its business on account of ‘unanticipated developments’ that made its economic model ‘unviable’.

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