Jio Payment Bank – RIL-SBI Joint Venture Launched Soon


Jio Payment Bank, Jio Payment Bank Launched, Jio Bank PaymentsReliance Jio Payment Bank, Yes you listening well, One of the most awaited payments bank sector — Jio Payment Bank Ltd, a joint venture of Reliance Industries Ltd and State Bank of India was incorporated on November 10, according to documents filed with the Registrar of Companies. RIL chairman Mukesh Ambani has not yet announced the date of launch of Jio Payment Bank.

Jio Payment Bank

Read Also:- Airtel Payment Bank Goes Live – Offer 7.5% Interest Rate Per Annum

More About Jio Payment Bank:-

Reliance Industries Limited (RIL) and State Bank of India’s made, Jio Payment Bank, came into existence on November 10 just two days after the Indian government announced the decision to discontinue Rs 500 and Rs 1,000 currency notes. The joint venture was given an in-principle approval for the payments bank in September 2015 by the Reserve Bank of India. The report said that the Jio Payment Bank would leverage Jio’s mobile subscriber base and SBI’s network in the country. Reliance Jio, which launched commercial services on September 5, already operates a prepaid wallet under the Jio Money brand.

Jio Payment Bank Boards Members:-

Manisha Girotra, CEO of Moelis India, Rajendra Kumar Saraf, board director for Itz Cash Card, Sethurathnam Ravi, a director on boards of several companies such as IDBI Bank Ltd, BSE Ltd, Aditya Birla Health Insurance Co Ltd, BOI Merchant Bankers Ltd, and Vivek Bhandari, president, IIHMR University are the other members of the board of Jio Payments Bank.

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Jio Payment Bank Vs Airtel Payment Bank:-

India’s leading telecom operator, Bharti Airtel Payments Bank has already gone live in Rajasthan on November 23, and it has opened over 10,000 customers savings accounts within the first two days of operations. It is offering bank account opening services using e-KYC through Aadhar card, cash deposit and withdrawal facilities. An interest rate of 7.25 percent on savings accounts is being given, which is the highest in India, Airtel Payments Bank had said.

These Payments Bank Also Launched Soon:-

Paytm Payments Bank, India Post Payments Bank, NSDL Payments Bank, Aditya Birla Idea Payments Bank, Fino PayTech, and Vodafone m-pesa will also launch operations soon.

What CMD Mukesh Ambani said:-

RIL CMD Mukesh Ambani on Thursday said that Jio is working to build a digital retail ecosystem called Jio Money Merchant Solutions to empower merchants, especially the small merchants.

Jio Payment banks are a new model of banks conceptualised by the Reserve Bank of India (RBI). These banks can accept a restricted deposit which is currently limited to INR 1 lakh per customer account. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue services like ATM cards, debit cards online banking and mobile banking. Airtel has launched India’s first live payments bank.

Payments Bank Rule & Regulation:-

The minimum capital requirement is ₹100 crore. For the first five years, the stake of the promoter should be 40% minimum. Foreign share holding will be allowed in these banks as per the rules for FDI in private banks in India. The voting rights will be regulated by the Banking Regulation Act, 1949. The voting right of any shareholder is capped at 10%, which can be raised to 26% by Reserve Bank of India. Any acquisition of more than 5% will require approval of the RBI. The majority of the bank’s board of directors should consist of independent directors, appointed according to RBI guidelines.

Payments Bank History:-

On 23 September 2013, Committee on Comprehensive Financial Services for Small Businesses and Low Income Households, headed by Nachiket Mor, was formed by the RBI. On 7 January 2014, the Nachiket Mor committee submitted its final report. Among its various recommendations, it recommended the formation of a new category of bank called payments bank. On 17 July 2014, the RBI released the draft guidelines for payment banks, seeking comments for interested entities and the general public. On 27 November, RBI released the final guidelines for payment banks.

Licences to eleven entities to launch payments banks:-

  1. Aditya Birla Nuvo
  2. Airtel M Commerce Services
  3. Cholamandalam Distribution Services
  4. Department of Posts
  5. FINO PayTech
  6. National Securities Depository
  7. Reliance Industries
  8. Dilip Shanghvi, Sun Pharmaceuticals
  9. Vijay Shekhar Sharma, Paytm
  10. Tech Mahindra
  11. Vodafone M-Pesa
Out of these, three have surrendered their licenses:-
  • Chalomandalam Distribution Services
  • Dilip Shanghvi, Sun Pharmaceuticals
  • Tech Mahindra

The in-principle license is valid for 18 months within which the entities must fulfill the requirements. They are not allowed to engage in banking activities within the period. The RBI will consider grant full licenses under Section 22 of the Banking Regulation Act, 1949, after it is satisfied that the conditions have been fulfilled.

Tags:- Jio Payment Banks,  Is Jio Payment Banks Launched,  Jio Payment Banks Vs Airtel payment Banks, Reliance Jio Payment Banks

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