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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.

Jio Payments Bank Limited
Public limited company
IndustryFinancial services
Founded3 April 2018; 19 months ago (2018-04-03) in Nariman Point Mumbai
HeadquartersNavi Mumbai
Key people
  • Vivek Bhandari (Chairman)
  • Srikrishnan H (MD & CEO)
ProductsBanking
ParentReliance Industries (70%)
State Bank of India (30%)
Websitewww.jiopaymentsbank.com

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]

HistoryEdit

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]

ReferencesEdit

  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.