- Jio Payment Bank Limited is a 70-30 joint venture between Mukesh Ambani's Reliance Industries Limited and India's largest lender State Bank of India (SBI).
- Reliance Industries Limited, Mumbai, was one of the 11 applicants which were issued in-principle approval for setting up a payment bank in August 2015 by RBI. However, it received the order to operate in March last year. Tech Mahindra, Reliance Industries and Vodafone were the big names in the list of applicants who got the RBI's nod.
- Jio Payment Bank cannot collect deposits exceeding Rs 1 lakh.
- Jio Payment Bank cannot lend or provide credit cards. It can, however, issue debit cards.
- For opening an account with the Jio Payment Bank, the customers would need to submit their 12-digit Aadhaar number.
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