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Jio Payments Bank, a joint venture of Reliance Industries Ltd, and State Bank of India, was incorporated on November 10, according to a report published in the Indian Express. The Reserve Bank of India had given an in-principle approval to the payments bank in September 2015.
Notably, the Jio Payments bank was incorporated only two days after Prime Minister Narendra Modi announced the decision to discontinue Rs 500 and Rs 1,000 currency notes.
The report said that the Jio Payments Bank would leverage Jio’s mobile subscriber base and SBI ’s network in the country. Reliance Jio , which launched commercial services on September 5, already operates a prepaid wallet under the Jio Money brand.
Airtel Payments Bank has already gone live in Rajasthan on November 23. The payments bank is offering bank account opening services using e-KYC through Aadhar card, cash deposit and withdrawal facilities. An interest rate of 7.25 per cent on savings accounts is being given, which is the highest in India.
Over 10,000 customers opened savings accounts with Airtel Payments Bank within the first two days of the first payments bank in India going live, the company had said on Sunday, adding that most of the accounts have been opened in semi-urban and rural areas.
A total of eight companies have proposed the launch of payment banks, inlcuding Jio Payments Bank, Paytm Payments Bank, India Post Payments Bank, NSDL Payments Bank, Aditya Birla Idea Payments Bank, Fino PayTech, and Vodafone m-pesa.
According to documents filed with the Registrar of Companies (RoC), Jio Payments Bank has seven directors on its Board, including H Srikrishnan, who is also the CEO designate at the payments bank, Alok Agarwal and SBI’s deputy managing director of (Corporate Strategy & New Business) Manju Agarwal, who is also on the board of National Payments Corporation of India.
Reliance Jio Payments: Jio Payments Bank incorporated two days after demonetisation: Report - ET Telecom
Notably, the Jio Payments bank was incorporated only two days after Prime Minister Narendra Modi announced the decision to discontinue Rs 500 and Rs 1,000 currency notes.
The report said that the Jio Payments Bank would leverage Jio’s mobile subscriber base and SBI ’s network in the country. Reliance Jio , which launched commercial services on September 5, already operates a prepaid wallet under the Jio Money brand.
Airtel Payments Bank has already gone live in Rajasthan on November 23. The payments bank is offering bank account opening services using e-KYC through Aadhar card, cash deposit and withdrawal facilities. An interest rate of 7.25 per cent on savings accounts is being given, which is the highest in India.
Over 10,000 customers opened savings accounts with Airtel Payments Bank within the first two days of the first payments bank in India going live, the company had said on Sunday, adding that most of the accounts have been opened in semi-urban and rural areas.
A total of eight companies have proposed the launch of payment banks, inlcuding Jio Payments Bank, Paytm Payments Bank, India Post Payments Bank, NSDL Payments Bank, Aditya Birla Idea Payments Bank, Fino PayTech, and Vodafone m-pesa.
According to documents filed with the Registrar of Companies (RoC), Jio Payments Bank has seven directors on its Board, including H Srikrishnan, who is also the CEO designate at the payments bank, Alok Agarwal and SBI’s deputy managing director of (Corporate Strategy & New Business) Manju Agarwal, who is also on the board of National Payments Corporation of India.
Reliance Jio Payments: Jio Payments Bank incorporated two days after demonetisation: Report - ET Telecom
