Jio Payments Bank commences operations

New Delhi, Apr 4 (KNN) Jio Payments Bank Limited has commenced operations as a payments bank with effect from April 3, 2018.

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.

Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank in August 2015.

Payments banks are being promoted by the Reserve Bank to promote financial inclusion. The payment banks offer services such as small savings accounts, payment or remittance services to migrant labour workforce, low income households, small businesses and unorganised sector entities as well as other users.