Reliance Industries Ltd backed Jio Payments Bank has commenced its banking operations on Tuesday. The firm was one of the 11 applicants to receive principal approval from the Reserve Bank of India (RBI) in 2015 for setting up payments bank.
“Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018,” RBI said in a notification.
In November 2016, telecom giant Bharti Airtel became the first one to begin its payments bank services. Many other leading names like Paytm Payments Bank, FINO Payments Bank have already geared up their services.
Aditya Birla Idea Payments Bank is the latest one to enter the league.It started its operations on February 22.
The Reserve Bank of India (RBI) is promoting Payments Banks to boost the concept of Financial Inclusion by offering services to small savings accounts, payment or remittance services to migrant labour workforce, low-income households, small businesses and unorganised sector entities as well as other users.