Aditya Birla Nuvo to start dig­i­tal wal­let ser­vices by year-end

The Pak Banker - - COMPANIES/BOSS -

Aditya Birla Nuvo Ltd, which won a li­cense last year to set up a non-lend­ing bank in In­dia, will start its dig­i­tal wal­let ser­vices by the end of 2016 as it pre­pares to tap one of the world's fastest grow­ing smart­phone mar­kets.

The com­pany con­trolled by bil­lion­aire K.M. Birla plans to take ad­van­tage of about 180 mil­lion cus­tomers of its wire­less unit Idea Cel­lu­lar Ltd and other clients of an em­pire span­ning mu­tual funds to in­sur­ance, Ajay Srini­vasan, chief ex­ec­u­tive of Aditya Birla Group's fi­nan­cial ser­vices divi­sion, said in an in­ter­view.

"We are sit­ting on a mas­sive gold-mine of op­por­tu­nity in terms of the cus­tomer base we can reach," he said Mon­day in Mum­bai. "The whole fo­cus is go­ing to be on how you can get them on to the pay­ment bank and then get them to trans­act."

Con­glom­er­ates of Birla and fel­low bil­lion­aires Mukesh Am­bani and Dilip Shanghvi were among the 11 en­ti­ties to win a li­cense in Au­gust to es­tab­lish so-called pay­ment banks that can't lend and can only in­vest a de­pos­i­tor's money in the safest govern­ment se­cu­ri­ties. The per­mits were part of ef­forts by pol­icy mak­ers to cut the na­tion's ad­dic­tion to cash, in­crease ef­fi­ciency of reg­u­lar lenders and widen ac­cess to bank­ing.

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