Shares of Aditya Birla Nuvo and Idea Cellular today gained about 2 per cent each as both the companies have jointly set up payments bank.
At 11.22 a.m., the shares of Aditya Birla Nuvo were trading higher by 1.96 per cent at Rs 755 on the BSE. Idea Cellular shares were trading up by 1.25 per cent at Rs 109.75.
In a regulatory filing late on Friday, Aditya Birla Nuvo had said the companies have incorporated a subsidiary called ‘Aditya Birla Idea Payments Bank Ltd’.
Idea will hold 49 per cent stake in the joint venture, with Aditya Birla Nuvo holding the rest.
Last year, the Reserve Bank of India gave approval for 11 entities to open payments banks. The move is aimed at granting millions of citizens access to basic banking.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.