Jio Payments Bank Limited commences operations, confirms RBI

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Published: April 3, 2018 9:33:05 PM

Reserve Bank of India (RBI) on Tuesday said that Jio Payments Bank Limited has commenced operations with effect from April 3, 2018.

Jio Payments Bank Limited, Reserve Bank of India, RBI, Banking Regulation Act, Reliance Industries Limited, payments bank, news on jio payments bank limited“The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India,” the country’s central bank said in a statement. (Reuters)

Reserve Bank of India (RBI) on Tuesday said that Jio Payments Bank Limited has commenced operations with effect from April 3, 2018. “The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India,” the country’s central bank said in a statement.

According to RBI, Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank. Payments bank has been conceptualised by RBI to further financial inclusion by providing small savings accounts and payments or remittance services.

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