After PMC Bank Crisis, Here's Another Bank That's Heading Towards Liquidation

Aditya Birla Idea Payments Bank has closed down its Payment Bank operations thereby discontinuing their banking services.

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The Punjab and Maharashtra Cooperative Bank (PMC) crisis has been in the headlines since the RBI announced its restrictions on the same. An environment of doubt and discontent has prevailed among depositors of not only PMC Bank but other banks as well. 

Amid the economic slowdown and PMC Bank Crisis, Aditya Birla Idea Payments Bank has closed down its Payment Bank operations thereby discontinuing their banking services. The customers, however, may not have to run to withdraw their money as the company has assured the investors that the bank has made full and complete arrangements for the return of deposits.

Also Read: PMC Bank Crisis: Depositors Can Withdraw Up To ₹1,00,000 In Case Of Medical Emergencies

The Reserve Bank of India (RBI) issued a notification to the bank on November 18 stating, "On a voluntarily winding up application by Aditya Birla Idea Payments Bank Limited, the Hon’ble Bombay High Court has passed an order on September 18, 2019, and has appointed Shri Vijaykumar V. Iyer, Senior Director of Deloitte Touche Tohmatsu India LLP as the Liquidator of Aditya Birla Idea Payments Bank Limited.”

Aditya Birla Payments Bank is informing its investors that the funds lying in the bank account can be transferred through online/mobile banking/nearest banking point.

Also Read: PMC Bank Crisis: Former Director Rajneet Singh To Be In Custody Till November 25

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