Jio Payments Bank could launch in December: Report

Reliance Jio is reportedly gearing up to offer payment services across the country and its payments bank expected to be launched in December.

According to a report by Mint, Jio Payments Bank will be a 70:30 joint venture between Mukesh Ambani-owned Reliance Industries Ltd (RIL) and State Bank of India (SBI).

Reliance Jio received a payment bank license from the RBI in March this year and the company was set to launch operations in October to coincide with the delivery of its latest 4G-enabled JioPhone. However, it got delayed as the RBI asked them to demonstrate its capabilities.

''The RBI wanted to be sure that the payments bank is fully compliant with all the regulations and is able to service its customers efficiently. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained,'' reports quoted a Jio official as saying.

Jio Payments Bank will compete with Airtel Payments Bank, Paytm Payments Bank and India Post Payments Bank Ltd.

A Digital Payments Bank service provides complete digital and paperless banking services such as opening account, cash deposit, withdrawal etc. One can easily open an account via Aadhaar based e-KYC process and verify his credentials through biometric inputs or Iris scanner.