Jio Payments Bank Limited is an Indian payments bank, it started operating in 2018 and is currently a subsidiary of Jio Financial Services, which was initially owned by Reliance Industries but was listed separately on stock exchanges in 2023.
History
On 19-August-2015 Reliance Industries received a license to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. It then partnered with the State Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is an 82.17:17.83 partnership between Reliance Industries and the State Bank of India.[2]
On 10-November-2016, it registered as a public limited company to set up a payments bank. On 03-April-2018, Jio Payments Bank became the sixth payments bank to commence operations in India.[3]