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Ambani’s Jio Payments Bank Is Now Live

Jio Payments Bank, a 70-30 JV between RIL and SBI, has become the fifth operational payments bank in India.

BQ Desk
Reliance Jio board hanging on the store. (Photo: BloombergQuint)

India’s richest man Mukesh Ambani has forayed into the banking business with a payments bank.

Jio’s telecom rival Bharti Airtel was the first to launch a payments bank in November 2016. Since then, Vijay Shekhar Sharma-led Paytm, Aditya Birla Group, and ICICI Bank-backed FINO have all started payment banking operations. The Department of Posts, which also received licence for a payments bank, is yet to start its services fully and is running pilot branches.

Also Read: Paytm To Sell Loans, Insurance As It Builds Three-Stack Model, Says Vijay Shekhar Sharma

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