Reliance Jio, one of India’s largest mobile network operators, and State Bank of India (SBI), the country’s largest private lender, have entered into a new collaboration to promote digital banking and digital payments using each other’s platforms. The partnership is aimed at boosting SBI’s digital customer base by using Jio‘s vast connectivity and reach, as well as leveraging its ability to connect millions of customers to the internet using the Jio 4G network.
One of the biggest changes that this will bring involves integration of SBI Yono, the Government of India-owned bank’s digital banking platform onto MyJio, the operator’s customer support and customer touch-point app for smartphones. Apart from SBI Yono, MyJio will also integrate other financial service capabilities of SBI, as well as the new Jio Payments Bank (which is a 70:30 joint venture between Reliance India Limited and SBI).
Additionally, Jio Prime, the company’s preferred membership scheme, will also include benefits for SBI customers. For now, Jio Prime is only used to offer access to certain plans and recharges at more competitive prices on the Jio network.
Mukesh Ambani, Chairman, Reliance Industries Limited said, “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers.”
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MyJio is available for Android and iOS, and integrates various Jio services including Jio Music, Jio XpressNews, Jio Chat and more. The partnership will be particularly useful in providing special banking services to customers in rural areas, where Jio’s network will allow these customers to get access to various banking services digitally. The partnership will also make the JioPhone available to SBI customers under special schemes and discounts.