Reliance Jio Payments Bank Begins Operations

The Reserve Bank of India (RBI) on Tuesday said that the Reliance Jio Payments Bank had commenced its operations as on Tuesday, the 3rd of April, 2018.

The statement said, "Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018." It further said, "The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India."

Telecom major Bharti Airtel was the first to begin payment bank services in November 2016.

Paytm founder Vijay Shekhar Sharma promoted Paytm Payments Bank began operations from May 2017 last year while FINO Payments Bank Limited kicked-off in June last year.

Reliance was one of the 11 applicants which were issued an in-principle approval for setting up a payments bank in August 2015. Payments banks provide small savings accounts and remittance services to low-income households and also unorganized entities.