Jio Payments Bank launches in India
Jio Payments Bank, a joint venture between conglomerate holding company Reliance Industries and the State Bank of India (SBI), has been unveiled.
The bank joins a crowded market in India. To date, the Reserve Bank of India (RBI, the country’s central bank and regulator) has granted approval to 11 payments banks. These include Paytm Payments Bank, Airtel Payments Bank, Fino Payments Bank and India Post Payments Bank.
With Jio’s latest development, the bank says it will let account holders deposit up to IND 100,000 ($1,534) in a savings account and this “may be increased later”.
There is no loans and credit cards facility, but it does provide ATM cards, debit cards, and online and mobile banking.
To create an account online, users need to download the JioMoney App. Users can also link their Aadhaar card to complete the verification process.
Incidentally, last month, Devie Mohan, fintech advisor and analyst at Burnmark, looked at the India Stack (or Aadhaar Stack). She called it a “must-talk-about term in any conversation around identity, data, biometrics or government services”.
