Jio Payments Bank, Joint Venture Of Reliance Industries (RIL) And SBI, Begins Operation: 10 Points
- Jio Payments Bank is promoted by Reliance Industries.
- Jio Payments Bank is a joint venture between Reliance Industries Ltd (RIL) and the country's largest bank SBI (State Bank of India).
- Reliance Industries held a 70 per cent stake in Jio Payments Bank while the remaining 30 per cent was with State Bank of India (SBI), according to the energy conglomerate's annual report of 2017.
- Jio Payments Bank has been granted a licence under Section 22 (1) of the Banking Regulation Act, 1949, the RBI said.
- The RBI had on August 19, 2015 given in-principal nod to the Reliance Industries group company to set up a payments bank.
- Other major groups that received the in-principal approval included Aditya Birla Nuvo, Bharti Airtel, Department of Posts, Tech Mahindra and Vodafone.
- Reliance Industries was among 11 applicants which were issued in-principle approval in August 2015 for setting up payments banks.
- Of these companies, telecom major Bharti Airtel was the first to begin payment bank services in November 2016.
- Birla group's Aditya Birla Idea Payments Bank was the latest in this space whose operations started from 22 February this year.
- The Department of Posts also currently offers payments bank services on a pilot basis.
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