Reliance Jio now brings banking on mobile: Know benefits of payments bank

Mukesh Ambani-led Reliance Jio Infocomm is leaving no stone unturned to enhance the experience of its users and make lives easier for them therough the use of its services. Known for its disruptive data services and free data plans, Reliance Jio has now forayed into the banking business with a payments bank service, Reserve Bank of India has confirmed.

Jio Payments Bank is a joint venture between Reliance Industries and the country's biggest lender, State Bank of India. While Jio has a 70 per cent in the JV, SBI has the remaining 30 per cent.

Mukesh Ambani-promoted Reliance Industries Ltd (RIL) was one of the 11 applicants for setting up payments bank in August 2015. Jio received the licence to start operation in March 2017, according to media reports.

What is a payments bank?

A payments bank is like any traditional bank but operating at a smaller scale. The only difference is that payments banks do not have any credit-providing service.