Jio Payments Bank
Jio Payments Bank is an Indian payments bank that 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.
|Public limited company|
|Founded||3 April 2018Nariman Point Mumbaiin|
|Parent||Reliance Industries (70%)|
State Bank of India (30%)
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.