Jio Payments Bank likely to be launched in December

Reliance Industries Limited and State Bank Of India's joint venture- Jio Payments Bank reportedly will begin operations in December this year. The payments bank had initially been scheduled to launch in October alongside the shipment of the 4G enabled Jio phone but RBI asked Jio Payments Bank to demonstrate its capabilities, and prove that it is fully compliant with the regulations before the launch, so it had to be delayed.

“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 told  LiveMint.

According to the LiveMint report, Jio Payments Bank will be a 70:30 joint venture between the Reliance Industries Limited and State Bank of India. Reliance had received in-principle approval from the RBI to launch a payments bank in September 2015. In March this year, the company got the final go-ahead to carry on payments bank business in India.

With Jio Payments Bank, Reliance will join the likes of Airtel Payments Bank, Paytm Payments Bank, and India Post Payments Bank and provide services such as opening an account, cash deposit, withdrawal etc.