Jio Payments Bank
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 3 April 2018 |
| Founder | Mukesh Ambani |
| Headquarters | Navi Mumbai, |
Area served | India |
Key people |
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| Services | |
| Owner |
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| Website | www |
Jio Payments Bank Limited is an Indian payments bank, it started operating in 2018 and is currently a subsidiary of Jio Financial Services, which was initially owned by Reliance Industries but was listed separately on stock exchanges in 2023.
History
[edit]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. It then partnered with the State Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is a 77:23 partnership between Reliance Industries and the State Bank of India.[1]
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 March 2024, it was reported that they were working on releasing a soundbox product for merchants, which would allow them to be notified whenever a customer pays and scans the QR code on the box and then through UPI.[3]
Controversies
[edit]In October 2020, the Reserve Bank of India imposed a penalty of ₹1 crore (US$119,819) on the bank for not applying for the re-appointment of Managing Director and CEO in time, under Section 35B of the Banking Regulation Act, 1949.[4]
References
[edit]- ^ "Is SBI Losing Interest in Jio Payments Bank?". www.livemint.com. Retrieved 22 November 2023.
- ^ "Jio Payments Bank begins its operations". economictimes.indiatimes.com. Retrieved 5 April 2018.
- ^ "Jio Payments Entry Into Soundbox Segment To Create Huge Competition For Paytm, Phonepe". www.india.com. 12 March 2024. Archived from the original on 12 March 2024. Retrieved 16 March 2024.
- ^ "Jio Payments Bank fined Rs 1 cr for delay in submitting MD's reappointment application". Business Today. 29 October 2020.
