Jio Pay­ments Bank starts oper­a­tions

Banking Frontiers - - Pb-sfb -

Jio Pay­ments Bank, the pay­ments bank spon­sored by Re­liance In­dus­tries, has com­menced bank­ing oper­a­tions. The Re­serve Bank of In­dia said in a no­ti­fi­ca­tion, the bank has com­menced oper­a­tions as a pay­ments bank on 3 April. Re­liance In­dus­tries had been one of the 11 ap­pli­cants which were is­sued in-prin­ci­ple ap­proval for set­ting up a pay­ments bank in Au­gust 2015. Jio Pay­ments Bank is a joint ven­ture be­tween Re­liance In­dus­tries, which owns 70%, and State Bank of In­dia, which owns 30%. SBI is said to be looking to lever­age Re­liance Jio’s tele­com net­work to con­nect last-mile cus­tomers, es­pe­cially in the coun­try’s un­banked rural ar­eas. Re­liance Jio in turn, will have ac­cess to the SBI’s wide cus­tomer base across the coun­try.

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