Jio Payments Bank

Jio Payments Bank, is an Indian payments bank owned by Reliance Industries Ltd, headquarters in Mumbai, India. It started operating in 2018. Payment banks in India are a special category of bank that can accept deposits and make payments but cannot issue loans or other forms of credit including credit cards. Jio Payments Bank Limited is a joint venture between the Reliance Industries and the State Bank of India with the stake of 70:30.[1]

Jio Payments Bank Limited
TypePublic
IndustryFinancial services
Founded3 April 2018 (2018-04-03)
FounderMukesh Ambani
HeadquartersNavi Mumbai,
India
Area served
India
Key people
Services
OwnerReliance Industries
ParentReliance Industries (70%)
State Bank of India (30%)
Websitewww.jiopaymentsbank.com

History

On August 19, 2015 Reliance Industries received a licence to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. On November 10, 2016 it registered as a public limited company to set up a payments bank. On April 3, 2018 Jio Payments Bank became the sixth payment bank to commence operations in India.[2]

References
  1. "Jio Payments Bank". www.businesstoday.in. Retrieved 5 April 2018.
  2. "Jio Payments Bank begins its operations". economictimes.indiatimes.com. Retrieved 5 April 2018.
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