Explanation:

In less than 18 months after its commencement, Aditya Birla Payments Bank announced that it will shut down operations. Started as a joint venture by
Aditya Birla Nuvo Ltd and Idea Cellular, the firm announced that it will discontinue operation due to unanticipated developments in the business landscape that have made the economic model unviable. The bank’s customers have been informed that they can transfer the balance in their accounts to any other bank account and that the bank would restrict any further credits (add money) from July 26, 2019. In a message sent to its customers, Aditya Birla Payments Bank said that the bank has made full and complete arrangements for the return of deposits. Notably, Aditya Birla Payments Bank will continue to work with limited operations as guided by RBI to enable customers to withdraw deposits. The board approved winding down of operations for the payment bank in its meeting on July 19 after being in the discussion for a few months.