The Payments Bank is said to be a joint venture between Reliance and State Bank of India.
Reliance Jio might be planning to launch its own payments bank by the end of this year. This is said to be a joint venture between Reliance and State Bank of India.
According to a report by Livemint, the operations are said to begin in December this year.
The report also claims that Mukesh Ambani, Chairman of Reliance Industries Limited, wanted the service alongside the JioPhone which was launched in July. But the RBI asked the company to showcase the capabilities of the service and prove that it is secure and follows all the regulations, a factor that is cited as the reason for the delay.
Airtel was the first telecom operator to introduce a payments bank in India. The introduction of Payments Bank is a bold move from the government to offer financial services to a major number of people in the country. The Payments Bank allows consumers to perform transactions instantly from their smartphones without going to the physical banks.