Reliance Jio had disrupted the market from SIM and mobile and now the company is preparing for the payment bank. According to reports, Rel...
Reliance Jio had disrupted the market from SIM and mobile and now the company is preparing for the payment bank. According to reports, Reliance Jio can launch its payment bank by the end of this year ie in December. This payment bank will be opened with RIL i.e. Partnership with Reliance Industries Limited and State Bank of India. According to Live Mint's report, it will be launched in December itself.
Mukesh Ambani, Chairman of Reliance Industries Limited, wanted to launch Jio Payments Bank alongside the shipment of JioPhone, which he unveiled in July, the report said. But the RBI asked Jio Payments Bank to demonstrate its capabilities, and prove that it is fully compliant with the regulations before the launch, a factor which the report cited as the reason for the delay.
With the Jio Payments Bank, both Reliance Jio and SBI are eyeing last-mile customers, according to the report. Reliance Jio's network reaches several rural areas. Its JioPhone is also marketed to enrich the lives of people living in small towns and villages. According to the report, Reliance Jio is at present shipping the handset in remote areas, and will subsequently bring it to the urban markets. A person cited in the report said payments bank is not the core focus of Reliance Jio.
Significantly, Jio is not the first company to prepare for the payment bank. Earlier, the country's largest telecom company Airtel has launched the payment bank. The Payments Bank is an audacious project from the Indian government to bring banking and financial services to much of the population in the country. First unveiled in 2014, a payments bank will allow customers to avail several banking features such as performing transactions from their smartphone and without ever going to a physical bank.
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