Reserve Bank of India (RBI) on Tuesday said that Jio Payments Bank Limited has commenced operations with effect from April 3, 2018. Also Read - Airtel Rs 79 plan vs JioPhone Rs 75 prepaid plan compared: Which offers better value?
“The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India,” the country’s central bank said in a statement. Also Read - Reliance JioFiber plans with free Voot Select subscription: Check plans, price, and other benefits
According to RBI, Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank. Also Read - JioFiber broadband plans with free Netflix subscription: Check plans, price, data benefits, more
Payments bank has been conceptualised by RBI to further financial inclusion by providing small savings accounts and payments or remittance services.