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SBI, Reliance Jio strengthen their partnership

State Bank of India and Jio Payments Bank, which already have a partnership, have decided to widen its scope to include online banking service and loyalty programs. The two banks said they will cooperate to widen Jio Payments Bank’s customer base and extend additional benefits to members of their loyalty programs. The partnership envisages Jio Payments Bank to integrate SBI YONO platform onto its MyJio mobile application. SBI YONO offers digital banking, commerce and financial services at one place. All these features of SBI YONO can now be accessed through the MyJio application. Both Jio and SBI customers will benefit from Jio Prime, the customer loyalty program of Jio. Jio Prime offers exclusive deals from Reliance Retail, Jio, partner brands and merchants. As part of the deal, Jio Prime will be integrated with SBI Rewardz, SBI’s loyalty program, to offer additional loyalty reward earning opportunities to SBI customers as well as broader redemption within Reliance, Jio and other online and physical partner ecosystems. SBI will also engage Reliance Jio as a preferred partner for designing and providing network and connectivity solutions. SBI chairman Rajnish Kumar said all the areas of cooperation are mutually beneficial enhancing the digital footprint for SBI customers with superior and rewarding customer experiences. Reliance Industries chairman Mukesh Ambani said Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers.

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