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Jio Payments Bank Commences Operations, Says RBI

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Reserve Bank of India (RBI) on Tuesday said that Jio Payments Bank has commenced operations with effect from April 3, 2018.

“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,” the country’s central bank said in a statement.

According to RBI, 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.