Reliance Jio News Update!
Reliance Jio which is India’s has constantly been working with State Bank of India for developing its own payments bank. As a report published by Livemint website said, it is a 70:30 joint venture between RJIL and SBI. Some sources of the plans said that the payments bank was supposed to be launched along with the phone, but was delayed as RBI had directed Jio to demonstrate its functionalities. Reliance Jio payments bank will be competing with Airtel’s Payments Bank, Paytm and many others. In the start, there will be lots of offers given to attract customer as they provided for Jio sim card.
As the jio’s bank will be launched there will be lots of competition between paytm , Airtel money, and many other bank service provider. India is a developing country and will require some time to get stable will online money transfer, Especially in rural areas.
The payments bank will be launched by December and the website report further states that “RBI wanted to be sure that the Reliance Jio payments bank is fully compliant with all the regulations and is able to service its customers efficiently. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained.”
SBI is leveraging the wide coverage of Jio’s network for reaching “last-mile customers”, the report stated. Deliveries of the Reliance Jio Phone have already started for rural areas and small towns first, however multiple customers have started complaining of delayed deliveries. The Jio Phone can provide the necessary connectivity and reach to SBI for enabling UPI based payments and other banking activities. A source cited in the report that the payments bank is not the core focus of Reliance jio.
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