Tech Radar has reported that Reliance Jio is expected to launch its own payments bank, dubbed as Jio Payments Bank in December this year. The Jio payments bank would be a joint venture between Reliance Industries Limited and state run State Bank of India. For those who are unaware, Payments bank was unveiled by the Government of India in 2014. It is similar to a regular bank but cannot provide Credit cards and loans. Customers of a payments bank will be able to make use of services such as net banking, mobile banking, debit cards, accept demand drafts and become correspondents of other banks.
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Published on Oct 10, 2017