Jio Payments Bank

Jio Payments Bank Limited is an Indian payments bank, which started operating in 2018 and is a subsidiary of Jio Platforms, which is owned by Reliance Industries. Reliance Industries was granted an in-principle approval by the Reserve Bank of India (RBI) to establish a new payments bank under the Banking Regulation Act, 1949. It then partnered with the State Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is a 70:30 partnership between Reliance Industries and State Bank of India.[1]

Jio Payments Bank Limited
TypeSubsidiary
IndustryFinancial services
Founded3 April 2018 (2018-04-03)
FounderMukesh Ambani
HeadquartersNavi Mumbai,
India
Area served
India
Key people
Services
Owner
ParentJio Platforms
Websitejiopaymentsbank.com

History

On August 19, 2015 Reliance Industries received a license to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. On November 10, 2016, it registered as a public limited company to set up a payments bank. On April 3, 2018, Jio Payments Bank became the sixth payment bank to commence operations in India.[2]

In October 2020, the Reserve Bank of India imposed a penalty of ₹1 crore (US$125,234) on the bank for not applying for the re-appointment of Managing Director & CEO in time, under Section 35B of the Banking Regulation Act, 1949.[3]

References
  1. "Jio Payments Bank". www.businesstoday.in. Retrieved 5 April 2018.
  2. "Jio Payments Bank begins its operations". economictimes.indiatimes.com. Retrieved 5 April 2018.
  3. "Jio Payments Bank fined Rs 1 cr for delay in submitting MD's reappointment application". Business Today. 29 October 2020.
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