Jio Payments Bank is likely to start its operations in December this year. It is a a joint venture between Reliance Industries Ltd (RIL) and SBI. The Jio Payments Bank will join the likes of Payments bank from Airtel, Paytm, India Post, and Fino Payments Bank. Reliance Jio had secured a payments bank licence from the RBI back in March when it reached the 100 million customer mark.
People aware of the development told Mint,
The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December.
A Jio official said,
The RBI wanted to be sure that the payments bank is fully compliant with all the regulations and is able to service its customers efficiently. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained.
The payments bank launch was to coincide with the delivery of the 4G-enabled Jio phones in October.