comscore Reliance Jio payments bank likely to start operations in December: Report
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Reliance Jio payments bank likely to start operations in December: Report

If the launch happens as planned, Jio could be India’s fifth operational payments bank.

  • Published: October 10, 2017 10:17 AM IST
reliance-jio-launch

After securing payments bank permit from RBI in March, Reliance Jio could be one step closer to starting its operations in December. The launch of Reliance Jio payments bank was reportedly delayed as RBI had asked it to test and ensure that the payment system was glitch-free. Jio payments bank is a joint venture between Mukesh Ambani-owned Reliance Industries Limited (RIL) and the State Bank of India (SBI), with a stake ratio of 70:30 percent. Also Read - Airtel Rs 79 plan vs JioPhone Rs 75 prepaid plan compared: Which offers better value?

Also Read - Reliance JioFiber plans with free Voot Select subscription: Check plans, price, and other benefits

According to initial reports, the launch of Jio Payments bank was expected to coincide with the delivery of JioPhone, the 4G-VoLTE enabled smart feature phone from Jio. However, RBI reportedly wanted to ensure that the payments bank functions efficiently, while being fully complaint with the regulations, which caused the delay. Also Read - JioFiber broadband plans with free Netflix subscription: Check plans, price, data benefits, more

The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them (Jio Payments Bank) to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December, people familiar with the developments told Livemint. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained, a Jio official told the publication. ALSO READ:

Surge in digitization an outcome of Reliance Jio not demonetization: Paytm CEO Vijay Shekhar Sharma

Based on the numbers released by Jio, over six million JioPhones have been booked so far. It will allow users to link their UPI-enabled accounts for all their banking transactions. As for SBI, it will be leveraging Reliance Jio s network to reach customers even in small villages. It is also a win-win for Jio as it will be able to expand its customer base through SBI. ALSO READ: Reliance JioPhone: How to connect the phone to any TV to stream content

For SBI, Jio Payments Bank will operate as a business correspondent. SBI will have immediate access to Jio customers in unbanked rural areas, an anonymous source told the publication. BGR India has reached out to Reliance Jio for a comment, and awaiting their reply.

Meanwhile, a recent report on PTI stated that Reliance Jio will be starting deliveries of JioPhone in small towns and rural areas before small towns. The chairman (Mukesh Ambani) had said that the Reliance Jio Phone will bridge the digital divide between rural and urban India. Therefore, delivery of Jio Phone will start this Sunday (24 September) in rural areas and small towns, the PTI report states. ALSO READ: Reliance JioPhone hands-on and first impressions: A smart feature phone

Since demonetization, the volume of digital transactions have seen an upward trend. People today prefer paying using modes like credit and debit cards, via Paytm, Freecharge and other mobile wallets, and also via UPI. Jio already has JioMoney app, which is a mobile wallet allowing users to send and receive money, pay for utility bills and much more. Payments bank integration will be an added advantage not only for Jio, but also for its 129 million customers. And with JioPhone getting NFC payments, it can further help users even in small villages to make cashless payments.

: Jio Payments Bank

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  • Published Date: October 10, 2017 10:17 AM IST



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