Highlights in Jio Payments Bank
- Jio Payments Bank will be launched in December.
- Jio Payments Bank is, of course, a joint venture between the Reliance Industries as well as SBI
- Users will only require an Aadhaar card in order to open an account with a payments bank
Reliance Industries has plans to begin the operations for the Jio Payments Bank before the year comes to an end. Jio Payments Bank is a joint venture between Reliance Industries Limited as well as State Bank of India that will start operating from December.
Mukesh Ambani who is the Chairman of Reliance Industries Limited wants to launch Jio Payments Bank alongside the shipment of iPhone, which he did unveil in July according to the report. The RBI asked Jio Payments Bank to demonstrate its capabilities, and also prove that it is fully in compliance with the regulations before the launch date.
With the Jio Payments Bank, both of them i.e. Reliance Jio as well as SBI are eyeing last-mile customers, according to the report. Reliance Jio’s network reaches several rural areas. It is the JioPhone which is also marketed to enrich the lives of the people who are living in small towns as well as the villages. The Reliance Jio is at present shipping the handset in the respective remote areas, and will of course subsequently bring it into the urban markets. A person cited in the report has stated that the payments bank is not the primary focus of Reliance Jio.
Airtel was the foremost company that would roll out its payments bank in India. The Payments Bank is a rather audacious project from the Indian government to bring in banking as well as financial services to the most of the population in the country. First unveiled in 2014, a payments bank will definitely allow the customers to avail several banking features that would be performing transactions from their respective smartphones and without their ever going to a physical bank.
Anyone who has an Aadhaar ID can also open an account with a payments bank. According to UIDAI website than more than 1.18 billion people living in India who have been assigned to an Aadhaar card. SBI has over 400 million customers, while Reliance Jio has more than 120 million subscribers.
The payments bank was actually expected to launch its operations in the month of October. The launch got delayed since the RBI wanted the demonstration of its capabilities in order to ensure that it is ready for a glitch-free launch. The launch will now be held in December.
In case, the launch is carried out as per plan then Jio Payments Bank will be India’s fifth active payments bank after Airtel, Paytm, Fino Payments and Post as well as Fino Payments Bank.
Reliance launching of the payment bank is indeed a remarkable achievement and will facilitate the mobile users well. Such innovative ideas will be received well by the consumers and Reliance knows too well how to keep its consumers happy.