Alert! Do not do any transaction with this bank, otherwise you will loss money

The banking company status under the Banking Regulation Act of Aditya Birla Idea Payments Bank has ended. The Reserve Bank of India (RBI) gave this information on Thursday. In November last year, the RBI had said that it would move towards liquidation after Aditya Birla Idea Payments Bank’s application to voluntarily terminate the business.

In order to provide banking services door-to-door in the country, the Reserve Bank of India started special payment bank service in the year 2015. Under this, the RBI had issued licenses for banking to many companies. Out of these, the existence of Aditya Birla Idea Payments Bank has now ended.

The main objective of launching payment banks is to connect small savings accounts holders, low-income households (low-income families), unorganized sector, migrant laborers, and small businessmen with banking services. Payment bank savings deposits are accepted so that you can use them in transactions. These banks do not offer loans. They also do not open fixed deposit accounts.