Reliance Launches Their First Ever Bank; Jio Payments Bank Is Now Live!
Reliance, India’s most profitable and biggest corporate behemoth has now launched their own bank.
For millions of Reliance investors and stockholders, this is a landmark moment.
Reliance, India’s most profitable and biggest corporate behemoth has now launched their own bank, and this has happened for the first time in their history.
Reserve Bank of India or RBI has informed the nation that Jio Payments Bank is now live.
Jio Payments Bank: A New Future
In 2015, RBI granted a license to 11 entities for opening India’s first Payments Banks, for the more financial inclusion of rural Indians.
One of the license holders was Reliance Industries.
We had reported last year that the banking operations under Jio Payments Bank would be a 70:30 venture between Reliance and State Bank of India, which will provide backend support for banking operations.
Earlier, it was reported that the operations would start from December 2017, which got delayed and eventually started now.
The 11 entities which were given licenses for Payments Bank are:
- Aditya Birla Nuvo Limited
- Airtel M Commerce Services Limited
- Cholamandalam Distribution Services Limited
- Department of Posts
- Fino PayTech Limited
- National Securities Depository Limited
- Reliance Industries Limited
- Shri Dilip Shantilal Shanghvi
- Shri Vijay Shekhar Sharma
- Tech Mahindra Limited
- Vodafone m-Pesa Limited
Out of them, these entities have already launched their Payments Bank:
- Airtel Payments Bank
- Fino Payments Bank
- Aditya Birla Idea Payments Bank
- India Post Payments Bank
- Paytm Payments Bank
Partnership With SBI: The Gamechanger
Jio Payments Bank have an added advantage of SBI being their banking partner.
Jio has already crossed 100 million users, and a majority of them own Jio Phone. Whereas SBI is India’s largest bank with more than 450 million customers.
The amalgamation of SBI and Jio’s intentions to create a banking powerhouse seems entirely possible and has an amazing future.
Imagine a banking network, created solely on the mobile and backed by 4G VoLTE network – An economy where Jio’s deepest network coverage and SBI’s massive banking network enables a host of banking services and opportunities which never existed before.
Now, it would be interesting to observe now, how first time banking customers adapt to the concept of payments bank, and how Reliance’ name and reputation help them to grab market share.
Will you become Jio Payments Bank’s customer? Do share your views by commenting right here!