“The payments bank is integral to RIL’s digital initiative. This is one of the company’s many initiatives to contribute to the Government of India’s ambitious Digital India programme,” said Ambani.
The payments bank will function in conjunction with JioMoney, a prepaid payment instrument of Reliance Jio,” RIL said in a statement.
In the partnership, RIL is promoter and SBI the joint venture partner with an equity investment of up to 30 percent.
SBI Chairman Arundhati Bhattacharya “SBI’s vast experience in structuring financial products for different customer segments will be combined with the digital access provided by RIL in completing the most efficient, simple and affordable delivery model with focus on financial inclusion.”