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Aditya Birla Nuvo Limited has submitted an application to the Reserve Bank of India for obtaining license for setting-up a Payments Bank.
As per the proposed structure, ABNL will be the Promoter of Payments Bank holding 51 per cent equity capital. Idea Cellular Limited, an Aditya Birla Group company where ABNL is largest promoter shareholder, will be holding balance 49 per cent equity capital.
The Board of Directors of ABNL has also approved that equity participation of Idea may be increased up to 60 per cent, if permitted from time to time with approval of regulatory bodies as applicable.
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