A 70:30 joint venture of Reliance Industries Ltd and State Bank of India, Jio Payments Bank which planned its launch at the same time as the delivery of its 4G Jio Phone got delayed. This happened as the banker to the bank had asked the upcoming entity to showcase its capabilities such that it is able to launch without notable glitches. The Payment Bank is now likely to come up in December.
"The RBI wanted to be sure that the payments bank is fully compliant with all the regulations and is able to service its customers efficiently. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained," said a Jio official.
> Through the joint venture, SBI would gain immediate access to Jio's customers in unbanked rural areas. At the same time, the new telecom entrant Jio will also be able to expand its customer base by leveraging SBI's reach. As of April 1, SBI's customer base totalled to 420 million while as per the reports of Cellular Operators Association of India, the customer base of Jio has touched 129 million by August 2017.