Jio Payment Bank cannot collect deposits exceeding Rs 1 lakh.
Jio Payment Bank, a joint venture between Mukesh Ambani-led Reliance Industries Ltd (RIL) and State Bank of India (SBI), started its operations on Tuesday. It is the latest entrant in the market where it would face competition from other payment banks like Airtel, India Post, Fino Paytech and Paytm. The objective of the payment banks is aimed at financial inclusion. According to the Reserve Bank of India (RBI), payment banks are not allowed to provide loans or credit cards to their customers and only offer limited banking services like savings accounts.
5 Facts About Jio Payment Bank:
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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