Jio Payments Bank, the payments bank sponsored by Reliance Industries, has commenced banking operations. The Reserve Bank of India said in a notification, the bank has commenced operations as a payments bank on 3 April. Reliance Industries had been one of the 11 applicants which were issued in-principle approval for setting up a payments bank in August 2015. Jio Payments Bank is a joint venture between Reliance Industries, which owns 70%, and State Bank of India, which owns 30%. SBI is said to be looking to leverage Reliance Jio’s telecom network to connect last-mile customers, especially in the country’s unbanked rural areas. Reliance Jio in turn, will have access to the SBI’s wide customer base across the country.
