Reserve Bank of India has given principal approval to Reliance Industries lead Reliance Jio to commence the operations of Jio Payments Bank. RBI has issued the licence under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India. RBI also said that Jio is one of the 11 applicants to get approval for setting up the payments banking operations.
Jio Payments Bank is a 70:30 joint venture between Reliance Industries Ltd and country's largest bank, Stata Bank of India. Reliance is betting big on digital services and is utilizing the 4G feature phone and the 4G ecosystem to reach the users more efficiently. JioPhone is the best selling phone that will be bundled with Jio payments bank app and use NFC (Near Field Communication) to receive and send payments.
RBI's idea to launch the payments banking solutions is to improve financial inclusion of the people via the low-cost banking. Payments bank users can accept deposits up to Rs 1lakh and are entitled to a debit card as well. The other operators who already launched the payments bank are Airtel, India Post, Paytm, ICICI Bank-backed FINO, Aditya Birla group.
Jio Payments Bank is a 70:30 joint venture between Reliance Industries Ltd and country's largest bank, Stata Bank of India. Reliance is betting big on digital services and is utilizing the 4G feature phone and the 4G ecosystem to reach the users more efficiently. JioPhone is the best selling phone that will be bundled with Jio payments bank app and use NFC (Near Field Communication) to receive and send payments.
RBI's idea to launch the payments banking solutions is to improve financial inclusion of the people via the low-cost banking. Payments bank users can accept deposits up to Rs 1lakh and are entitled to a debit card as well. The other operators who already launched the payments bank are Airtel, India Post, Paytm, ICICI Bank-backed FINO, Aditya Birla group.
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