Advertisment

Jio payments bank finally commences operations

author-image
CIOL Writers
New Update
Jio Payments Bank finally commences its operations

Reliance Jio has finally got the approval of the Reserve Bank of India to commence commercial operations for Jio Payments Bank. RBI said in a notification, " Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018."

Advertisment

"The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India," the country's central bank said in a statement.

Jio Payments bank is one of the eleven applicants that were issued in-principle approvals to set up payments bank. Other payments bank that are currently operating across the country are Airtel Payments Bank, Paytm Payments Bank, India Post Payments Bank, Fino Payments Bank, Idea Payments Bank and many more.

Payments banks are being promoted by the Reserve Bank of India to bring financial inclusion by giving services such as small savings accounts, payment or remittance services to migrant labour workforce, low-income households, small businesses and unorganised sector entities as well as other users.

reliance-jio