Jio Payments Bank is an Indian payments bank, which started operating in 2018 and 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]
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$132,800) 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]
Banking in India