Reliance Jio Has Started Payment Bank

in jiopaymentbank •  7 years ago 

Reliance Jio has started payment bank: Reliance Jio has started work on its payment bank. The Reserve Bank (RBI) has issued a press release to begin work. RBI said that the Operation of Jio Payment Bank has started from April 3, 2018. RBI gave license of the payment bank to 11 companies, including Jio on August 19, 2015. RBI said that the Jio Payment Bank is joint venture of Reliance Industries Limited (RIL) and State Bank of India. Reliance has 70 percent stake in this.

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Paytm founder Vijay Shekhar Sharma was launched Paytm Payment Bank in May 2017. Apart from this, other companies have also started payment banks, but since the beginning of Jio, everyone is expected to get a tough competition. In Telecom sector Bharti Airtel launched the first payment bank in November 2016. From the start of the Jio Payment Bank, the payment bank of Airtel and Paytm will get a tough competition.

It is believed that due to the start of the company’s payment bank, now we will see its dominance in the banking sector. Now it will be interesting to see the competition with Airtel and Paytm in payment backing because Reliance Jio has already maintained its strong hold in the telecom sector through its free voice call and data, it has strengthened its user base. Jio has close to 12 million users. The company has also extended its prime membership for a year.
How to open account in Jio Payment Bank

First, install the Jio Payment Bank App and sign in with your Jio Number.

Enter your Aadhar number at a certain place and link your Aadhar card.

Update the address if the Debit / ATM card is needed.

Customer Executive will come to your home for thumb impression, KYC and Customer Verification and Identification for Payments Bank Account.

You can also make verification by visiting Jio Payment Bank’s Authorization Center.
Benefits of Jio Payment Bank

Anyone can open savings account in the payment bank.

There is facility to deposit up to one lakh rupees in the account.

Payment Bank Debit Card can also be issued.

The payment bank will also have the option of giving general financial products like mutual funds and insurance products to the customer.

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