Reliance has already revolutionized the telecom and broadband industries in India by launching Jio and Jio Broadband. Now the Industry giant is stepping into the Payments Bank sector by launching Jio Payments Bank.
As per media reports, Reliance Industries Limited is already testing its payments bank services among their employees.
Formed in April 2018, Jio Payments Bank is a 70:30 joint venture between State Bank of India, India’s largest public sector bank and Reliance Industries Limited.
Allowing employees to use the service before officially launching will allow Reliance to test its network and infrastructure.
Anusham Thakur who is Reliance Jio’s strategy and planning head said, “We have begun live beta trials for Jio Payments Bank. We are also rolling out merchant solutions and the service is seeing good acceptance across offline and online.”
In India, Airtel was first to launch the payments bank service in November 2016 after then Paytmm Payments Bank began operations in May 2017 and the latest of all, Fino Payments Bank started in June 2018.
Reliance reportedly begins the similar Payments Bank service in August 2015 with a beta launch that was only for their 100,000 employees.
What is a Payments Bank?
Payments banks is a new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit, which is currently limited to ₹1 lakh per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards, net-banking and mobile-banking. (Wiki)