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Jio Payments Bank begins its operation

Reserve Bank of India (RBI) has officially released a press note confirming that  Jio Payments Bank has commenced operations with effect from April 3, 2018.

RBI statement reveals as
"The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India". Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank.

Payments bank has been conceptualised by RBI to further financial inclusion by providing small savings accounts and payments or remittance services.

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