Jio working on its own Payments Bank and is set to launch by December: Report

After ruling the telecom space, and then shifting its focus on the mobile manufacturing business with JioPhone, Reliance Jio is reportedly working to introduce Jio Payments Bank. A report coming from Livemint reveals that Jio will be launching its Payments Bank sometime by the end of this year. The report also mentions that the upcoming Jio Payments Bank is basically an 70:30 joint venture between Reliance Industries and State Bank of India, and is said to directly counter Airtel’s Payment Bank. The operation of the Jio Payments Bank is scheduled to begin by December 2017.

This bit of information about the Jio Payment bank has been revealed to Livemint by sources who are well aware of the plans. Jio, it seems was supposed to start the Payment Bank operation in October, however it got delayed as RBI reportedly asked Jio to explain how the Payment Bank will operate to ensure it’s a glitch-free launch.

“The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them (Jio Payments Bank) to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December,” sources aware of the plan told Livemint.

Source: http://indiatoday.intoday.in/technology/story/jio-is-working-on-its-own-payments-bank-and-is-set-to-launch-by-december-report/1/1065267.html