Jio Payments Bank Limited is an Indian

payments bank Payments banks are a 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 Indian rupee, ₹200,000 per customer and may be inc ...

, it started operating in 2018 and is currently a subsidiary of

Jio Financial Services Jio Financial Services Ltd (JFSL) is an Indian financial services company, based in Mumbai. Originally a subsidiary of Reliance Industries (RIL), it was demerged as an independent entity and listed on the Indian stock exchanges in August 202 ...

, which was initially owned by

Reliance Industries Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the ...

but was listed separately on stock exchanges in 2023.

History

On 19-August-2015

received a license to run a payments bank from the

Reserve Bank of India Reserve Bank of India, abbreviated as RBI, is the central bank of the Republic of India, and regulatory body responsible for regulation of the Indian banking system and Indian rupee, Indian currency. Owned by the Ministry of Finance (India), Min ...

under Section 22 (1) of the

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

. It then partnered with the

State Bank of India State Bank of India (SBI) is an Indian Multinational corporation, multinational Public sector undertakings in India, public sector bank and financial service body headquartered in Mumbai. It is the largest bank in India with a 23% market shar ...

and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is an 82.17:17.83 partnership between Reliance Industries and the State Bank of India. On 10-November-2016, it registered as a public limited company to set up a payments bank. On 03-April-2018, Jio Payments Bank became the sixth payments bank to commence operations in India. In March 2024, it was reported that they were working on releasing a soundbox product for merchants, which would allow them to be notified whenever a customer pays and scans the QR code on the box and then through

UPI United Press International (UPI) is an American international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines, radio and television stations for most of the 20th ce ...

Controversies

In October 2020, the

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

References

External links

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