Jio Payments Bank is an Indian

payments bank Payments banks are new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. These banks can accept a restricted deposit, which is currently limited to ₹200,000 per customer and may be increased further. ...

, which started operating in 2018 and is owned by

Reliance Industries Reliance Industries Limited is an Indian multinational conglomerate company, headquartered in Mumbai. It has diverse businesses including energy, petrochemicals, natural gas, retail, telecommunications, mass media, and textiles. Reliance is ...

. Reliance Industries was granted an in-principle approval by the

Reserve Bank of India The Reserve Bank of India, chiefly known as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. It is under the ownership of Ministry of Finance, Government of India. It is responsible for ...

(RBI) to establish a new payments bank under the Banking Regulation Act, 1949. It then partnered with the

State Bank of India State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. SBI is the 49th largest bank in the world by total assets and ranked 221st in the ''Fortune ...

and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is a 70:30 partnership between Reliance Industries and State Bank of India.

History

On August 19, 2015

received a license to run a payments bank from the

under Section 22 (1) of the

Banking Regulation Act, 1949 The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. ...

. On November 10, 2016 it registered as a public limited company to set up a payments bank. On April 3, 2018 Jio Payments Bank became the sixth payment bank to commence operations in India. In October 2020, the

imposed a penalty of on the bank for not applying for the re-appointment of Managing Director & CEO in time, under Section 35B of the

References

External links

* {{SBI Indian brands Payments banks Banks based in Mumbai Private sector banks in India Reliance Industries Jio Payments Bank Mobile payments in India 2018 establishments in Maharashtra Indian companies established in 2018 Payment service providers Jio