The launch was earlier delayed as the Reserve Bank of India (RBI) asked it demonstrate its capabilities.
Jio Payments Bank, a 70:30 joint venture between Mukesh Ambani-owned Reliance Industries Ltd (RIL) and State Bank of India (SBI).
“The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them (Jio Payments Bank) to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December,” said a Jio Official.
Initially, the bank had planned its launch in sync with the delivery of its 4G enabled Jio Phone in October. The deliveries of the Jio phones have been initiated already.
“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,” said a Jio official.
With this launch, Reliance is aiming at a two way benefit deal. Firstly, its joint venture will help it to expand the customer base and secondly, Reliance Jio will assist in bridging the gap between the rich and the poor.