Jio Payments Bank : Here’s what you should know

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Jio Payments Bank – Important Information

Jio Payments Bank. Welcome to the www.letsstudytogether.co online learning section. If you are preparing for IBPS, SBI Clerk, and Canara Bank PO exam, you will come across a section on Banking and Finance Awareness Section. Here we are providing you the Important Information about Jio Payments Bank, which is launched recently.

This “Jio Payments Bank” is also important for other banking exams such as IBPS PO, IBPS Clerk, SBI Clerk, IBPS SO, SBI SO and other competitive Examinations 2018.

Jio Payments Bank

The Reserve Bank said that Jio Payments Bank commenced its banking services from 3rd April 2018. Reliance Industries Ltd was one of the 11 applicants which were issued in-principle approval for setting up a payments bank in August 2015 . The Reserve Bank said on Wednesday that Jio Payments Bank commenced its banking services from Tuesday.

Reliance Industries Ltd was one of the 11 applicants which were issued in-principle approval for setting up a payments bank in August 2015 and Paytm founder Vijay Shekhar Sharma promoted Paytm Payments Bank began operations from May 2017 last year while FINO Payments Bank Limited kicked-off in in June last year.

 Important Point that you should know about Jio Payments Bank

  • Jio Payment Bank Limited is a 70-30 joint venture between Mukesh Ambani’s Reliance Industries Limited and India’s largest lender State Bank of India (SBI).
  • Reliance Industries Limited, Mumbai, was one of the 11 applicants which were issued in-principle approval for setting up a payment bank in August 2015 by RBI. However, it received the order to operate in March last year. Tech Mahindra, Reliance Industries and Vodafone were the big names in the list of applicants who got the RBI’s nod.
  • Jio Payment Bank cannot collect deposits exceeding Rs. 1 lakh.
  • Jio Payment Bank cannot lend or provide credit cards. It can, however, issue debit cards.
  • For opening an account with the Jio Payment Bank, the customers would need to submit their 12-digit Aadhaar number.
  • Jio Payments Bank is promoted by Reliance Industries.
  • Jio Payments Bank is a joint venture between Reliance Industries Ltd (RIL) and the country’s largest bank SBI (State Bank of India).
  • Reliance Industries held a 70 per cent stake in Jio Payments Bank while the remaining 30 per cent was with State Bank of India (SBI), according to the energy conglomerate’s annual report of 2017.
  • Jio Payments Bank has been granted a licence under Section 22 (1) of the Banking Regulation Act, 1949, the RBI said.
  • The RBI had on August 19, 2015 given in-principal nod to the Reliance Industries group company to set up a payments bank.
  • Other major groups that received the in-principal approval included Aditya Birla Nuvo, Bharti Airtel, Department of Posts, Tech Mahindra and Vodafone.
  • Reliance Industries was among 11 applicants which were issued in-principle approval in August 2015 for setting up payments banks.
  • Of these companies, telecom major Bharti Airtel was the first to begin payment bank services in November 2016.
  • Birla group’s Aditya Birla Idea Payments Bank was the latest in this space whose operations started from 22 February this year.The Department of Posts also currently offers payments bank services on a pilot basis.

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