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After Paytm & Airtel, Reliance Jio to Launch its Own Payments Banks in Association with SBI


After Paytm & Airtel, Reliance Jio to Launch its Own Payments Banks in Association with SBI


The Reliance Jio Payments Bank will be a 70:30 joint venture between the Reliance Industries Ltd (RIL) owned by Mukesh Ambani and the national bank, State Bank of India (SBI). It is speculated that the Reliance Jio payment bank is likely to be launched by December 2017 but it is yet to be announced officially. Reliance Jio Payments Bank expected to get operational by December this year. After the success of Reliance Jio WiFi services and mobile internet services, the Indian telecom giant is planning to launch its Payments Bank by the end of this year.

Going by the speculations of the industry experts, Reliance Jio Payments bank was expected to be launched in the month of October this year. The company had planned to launch the Reliance Jio Payments Bank along with the commencement of Reliance Jio 4G feature phone in October but it got delayed as RBI demanded a demonstration of how it will work. The RBI demand was made in order to be sure of the Reliance Jio Payments Bank regulations as per the customer service. The RBI wanted to be assured of whether the company’s initiative will be able to sustain customers with its hassle-free banking services.

Partnership with SBI to launch Reliance Jio Payments Bank

Reliance Industries Limited (RIL) has joined hands with the national bank SBI to launch Reliance Jio Payments Bank and outreach customer base at the remotest and farthest of places. Not only this, the joint venture between the SBI and the RIL will help the latter roll out its consumer base in lengths and breadths of the country via the national bank. The SBI has agreed on to operate correspondently with the Reliance Jio Payments Bank by providing access to the customers located in the rural areas. The telecom player Reliance is elated on having booked more than six million Reliance Jio 4G feature mobile phone from across India. The delivery of the Reliance Jio 4G Feature phones in the rural areas have been started first so that the users can begin with the Reliance Jio Payments Bank service.


Source: livemint.com

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