After successfully stepping into the telecom and broadband industries in India, Reliance is planning to launch Jio Payments Bank.
The company is planning to leverage its massive manpower strength of 100,000 employees to test out the business and therefore it is following a similar method that was used during the launch of its mobile phone service, Jio around three years ago.
Jio Payments Bank is a collaboration between India’s largest public sector bank State Bank of India and Reliance Industries Limited, on a 30:70 partnership.
Reliance was one of the eight entities that received the license from the Reserve Bank of India to open a payments bank. Others names in this category are being Airtel, Paytm and Fino Payment Banks.
According to the sources, some of the benefits of the association between RIL and SBI include the much advertised YONO platform of SBI that has been already integrated with Reliance Jio with the My Jio app, secondly, Jio Prime, the customer loyalty programme offered by Jio will now be offered to SBI customers too. Further, SBI Rewardz, the loyalty program of SBI will also be integrated with Jio Prime.