Jio Payments Bank

Jio Payments Bank Limited
Public limited company
Industry Financial services
Founded 3 April 2018 (2018-04-03) in Nariman Point Mumbai
Key people
  • Vivek Bhandari (Chairman)
  • Srikrishnan H (MD & CEO)
Products Banking
Parent Reliance Industries (70%)
State Bank of India (30%)
Website www.jiopaymentsbank.com


Jio Payments Bank is an Indian Payments bank that started operating in 2018. Payment banks in India are a special category of bank that can accept deposits and make payments but cannot issue loans or other forms of credit including credit cards.

Jio Payments Bank Limited is a joint venture between the Reliance Industries and the State Bank of India with the stake of 70:30.[1]

History

On August 19, 2015 Reliance Industries got licence to run payments bank from Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. On November 10, 2016 registered as public limited company for setup payments bank. On April 3, 2018.[2] Jio Payments Bank was the sixth payment bank to commence the operations in India.

References

  1. ↑ "Jio Payments Bank". www.businesstoday.in. Retrieved 5 April 2018.
  2. ↑ "Jio Payments Bank begins its operations". economictimes.indiatimes.com. Retrieved 5 April 2018.


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.