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 August 19, 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 a 77:23 partnership between Reliance Industries and the State Bank of India.[1]
On November 10, 2016, it registered as a public limited company to set up a payments bank. On April 3, 2018, Jio Payments Bank became the sixth payment 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$119,819) 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]