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Reliance Jio IPO: India's Biggest IPO Coming Soon? Valuation, ARPU, and Latest News

  New Delhi : Financial specialists are profoundly excited almost the Dependence Jio IPO and are anticipating it with awesome expectation. After two decades, Dependence Businesses is set to dispatch an IPO for one of its major commerce units. Presently, Mukesh Ambani has given a critical upgrade with respect to this Jio IPO . The draft outline for Jio Stages is anticipated to be recorded following month. This may possibly be the biggest IPO in the country's history. Dependence has designated a consortium of 19 banks to oversee this process.   Mukesh Ambani, Chairman of Dependence Businesses, has dropped a major indicate with respect to the exceedingly expected IPO of Jio Stages. Depicting it as a "definitive breakthrough," Ambani signaled that the company is quickly progressing in its arrangements for what is balanced to be India's largest-ever IPO. Talking amid the company's profit discharge, Ambani expressed, "I am satisfied to share that we are making...
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Aditya Birla Idea Payments Bank no longer a banking company, RBI ends status

Aditya Birla Idea Payments Bank no longer a banking company, RBI ends status

 

A piece of important news has come for common people and businessmen. Banking company status has expired under the Banking Regulation Act of Aditya Birla Idea Payments Bank. The Reserve Bank of India gave this information on Thursday. In November last year, the Reserve Bank had said that it would move towards liquidation following the Aditya Birla Idea Payments Bank's voluntary winding up of business.

 

The central bank said in a notification, 'Aditya Birla Idea Payments Bank has now ceased to be a banking company under the Banking Regulation Act 1949. This system has come into effect from 28 July 2020.

 

In July last year, Vodafone Idea Ltd reported to the stock market that Aditya Birla Idea Payments Bank would cease operations. This was attributed to the company's business being subjected to uncertain circumstances which made its economic model impractical.

 

In July 2019 itself, Aditya Birla Idea Payments Bank announced that it would soon consolidate its business and asked customers to transfer their balance as soon as possible. So if you have not withdrawn your money from the bank in time, it may be that your money is stuck.

 

Aditya Birla Idea Payments Bank was licensed to operate as a banking company from the Reserve Bank in April 2017. It started its operations on 22 February 2018. The bank is a joint venture between Aditya Birla Nuvo and Idea Telecom. Grasim Industries Ltd had 51% and Vodafone Idea Ltd 49% stake in Aditya Birla Idea Payments Bank.


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