Jio Payments Bank
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.History
On August 19, 2015 Reliance Industries received a licence to run a payments bank from the Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949. 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.
