Jio Payments Bank could launch in December: Report

Jio Payments Bank will be a 70:30 joint venture between Mukesh Ambani-owned Reliance Industries Ltd (RIL) and State Bank of India (SBI).

Reliance Jio is reportedly gearing up to launch its payments bank in the country. The brand is reported to launch Jio Payments Bank in the month of December.

According to a report by The Mint, Jio Payments Bank will be a 70:30 joint venture between Mukesh Ambani-owned Reliance Industries Ltd (RIL) and State Bank of India (SBI). To recall, Reliance Jio secured its payment bank license from the RBI back in March.

The source close to the development told the publication that the payments bank was expected to launch its operations in October to coincide with the delivery of its latest 4G-enabled JioPhone. However, it got delayed as the RBI asked them to demonstrate its capabilities.

“The RBI wanted to be sure that the payments bank is fully compliant with all the regulations and is able to service its customers efficiently. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained,” a Jio official said on condition of anonymity told the publication.

With this, Jio Payments Bank will join the likes of Airtel Payments Bank, Paytm Payments Bank and India Post Payments Bank Ltd. If you are not aware, a Digital Payments Bank service provides complete digital and paperless banking services such as opening account, cash deposit, withdrawal etc. One can easily open an account via Aadhaar based e-KYC process and verify his credentials through biometric inputs or Iris scanner.

Source by themobileindian..