RIL could offer banking services to its existing and new customers by leveraging its retail network, merchant tie-ups, neighbourhood Reliance Jio retailers and e-tailers. Photo: Indranil Bhoumik/MintMumbai: Jio Payments Bank, a joint venture between Reliance Industries Ltd (RIL) and State Bank of India (SBI), has received the Reserve Bank of India’s final go-ahead to start operations, according to a person familiar with the matter. With Reliance Jio Infocomm Ltd, RIL’s telecom unit, crossing the 100-million customer mark, the bank is set to be launched before the end of this month, three people familiar with the matter said. “To attract customers, RIL may bundle its Jio plans with transaction offers on the payments bank platform. In July 2016, RIL and SBI signed subscription and shareholders’ agreements for their payments bank venture.

Source: Mint March 01, 2017 21:11 UTC