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Wednesday, October 11, 2017

Payment Bank from Jio will be launched by this year December

  MyNetworkPlans       Wednesday, October 11, 2017
Reliance Jio is working with the State Bank of India to develop its own payment bank. According to a Livemint report, this is a joint venture of 70:30 between RJIL and SBI. Some people familiar with the plans said that bank payments should be released together with JioPhone deliveries, but was delayed because RBI had ordered Jio to demonstrate its features and make sure it was a pre-confined version. Jio's payment bank will compete with the payment bank of Airtel, Paytm and many others.
Bank payments will be distributed in December and the report also states that "RBI wanted to be sure that bank payment is fully compatible with all the regulations and is able to serve its customers efficiently. Events have been made to ensure to the regulator that the customer service standards will be sustainably maintained. "

SBI is leveraging the broad coverage of the Jio network to reach customers "last thousand," according to the report. JioPhone deliveries have already begun for rural areas and small towns before, however, several customers have begun to complain about delays in deliveries. JioPhone can provide the necessary connectivity and reach SBI to allow payments based on UPI and other banking activities. A source cited in the report that the payment bank is not the core focus of Jio.

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