Reliance Jio Launches Its ‘Payments Bank’ Likely To Be Rolled Out In December

Vamshi Krishna

It is pretty well known that right from the very inception, Reliance JIO has been kicking aside the stereotypic Internet offers, mobile phone rates. The company is constantly pushing itself into gaining new customers for their services. Thus, the telecom provider has been offering never-seen-before offers to claim the top position in the Indian telecom industry.

reliance jio fiber in delhi, mumbai and ahmedabad

Reliance company owner Mukesh Ambani is trying his hand in every possible business that is being helpful for the people in India. According to the latest reports from the Reliance Company, it is said that it is trying its leg in Payments Bank and it is named as Jio Payments Bank.

The Jio Payments Bank is likely to start its operations in December this year. The launch of the Payments Bank was earlier delayed as the Reserve Bank of India (RBI) asked it demonstrate its capabilities for a hassle-free launch.

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The Jio Payments Bank is a 70-30 joint venture between Mukesh Ambani-led Reliance Industries Ltd (RIL) and India’s largest bank State Bank of India (SBI). As per reports, the payments bank had initially planned its launch to coincide with the delivery of its 4G-enabled Jio Phone in October but now, the operations are scheduled to start in December 2017.

It has to be noted that the delivery of Jio Phones has already started.

Reliance Jio had secured a payments bank license from the RBI back in March when it reached the 100-million customer’s mark. A Jio official was quoted that, on condition of anonymity that 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.

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“The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained,” the official added.

Last year, RBI has issued more than 11 payments bank licenses, but only a handful have started operations. Earlier this year, Airtel announced its Payments Bank service for digital payments. With this, the company got into UPI integration enabled on its digital payments platform by which users are able to make instant money transfers to any bank account in India linked to your BHIM account.

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In May, Paytm also unveiled its Payments Bank with features such as four percent interest, no minimum account maintenance charges and more. With this, Paytm Payments Bank became the third payments bank service in India after India Post and Airtel Payments bank.

Being the standout in all possible ways, sources from Reliance state that they will be having peculiar ATM kind of system, moreover, transaction charges are expected to be zero or nominal.

With this, Reliance will be able to expand its customer base and will serve as bridging the gap between the rich and the poor. According to the reports, Jio stated that deliveries of the low-cost 4G handsets will begin in rural areas and small towns, before urban centers.

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