Jio Payments Bank

Jio Payments Bank Limited
Company typeSubsidiary
IndustryFinancial services
Founded3 April 2018 (2018-04-03)
FounderMukesh Ambani
HeadquartersNavi Mumbai,
India
Area served
India
Key people
Services
Owner
Websitewww.jiobank.in

Jio Payments Bank Limited is an Indian payments bank, it started operating in 2018 and is currently a subsidiary of Jio Financial Services, which was initially owned by Reliance Industries but was listed separately on stock exchanges in 2023.

History

On 19-August-2015 Reliance Industries received a license to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. It then partnered with the State Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is an 82.17:17.83 partnership between Reliance Industries and the State Bank of India.[1]

On 10-November-2016, it registered as a public limited company to set up a payments bank. On 03-April-2018, Jio Payments Bank became the sixth payments bank to commence operations in India.[2]

In March 2024, it was reported that they were working on releasing a soundbox product for merchants, which would allow them to be notified whenever a customer pays and scans the QR code on the box and then through UPI.[3]

Controversies

In October 2020, the Reserve Bank of India imposed a penalty of ₹1 crore (US$118,281) on the bank for not applying for the re-appointment of Managing Director and CEO in time, under Section 35B of the Banking Regulation Act, 1949.[4]

References

  1. ^ "Jio Financial to Acquire SBI's 17.83% Stake in Jio Payments Bank for ₹104.5 Crore". www.indiainfoline.com. Retrieved 6 March 2025.
  2. ^ "Jio Payments Bank begins its operations". Economic Times. Retrieved 5 April 2018.
  3. ^ "Jio Payments Entry Into Soundbox Segment To Create Huge Competition For Paytm, Phonepe". www.india.com. 12 March 2024. Archived from the original on 12 March 2024. Retrieved 16 March 2024.
  4. ^ "Jio Payments Bank fined Rs 1 cr for delay in submitting MD's reappointment application". Business Today. 29 October 2020.
This article is issued from Wikipedia. The text is available under Creative Commons Attribution-Share Alike 4.0 unless otherwise noted. Additional terms may apply for the media files.