Reliance Industries Ltd (RIL) will leverage Reliance Jio’s pan-India telecom network and Reliance Retail’s online and offline business model for its payment bank services.
RIL has partnered SBI in a joint venture for payments bank services where the bank holds 30 per cent stake.
RIL said the payments bank will be integrated with JioMoney, a prepaid payment instrument to facilitate cashless payments across multiple-use cases and build India’s largest digital merchant network.
The payments bank will deliver all digital banking products and services and co-create an ecosystem to digitise payments.
Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Ltd said, “The payments bank is integral to RIL’s digital initiative in a rapidly converging world of telecom, internet, commerce, media and financial services. This is one of our many initiatives to contribute meaningfully to the Government's Digital India programme.
"Our partnership with SBI will enhance product capabilities, create the most extensive distribution network in India and drive mass scale digital payments & banking adoption, through an ‘easy to use’ experience driven by technology," he added.
SBI Chairman Arundhati Bhattacharya said “RIL and SBI in a public-private partnership (PPP) have joined on a mission to make India’s financial services “digitally smart”. SBI’s experience in structuring financial products for different customer segments will be combined with the digital access provided by RIL in completing the most efficient, simple and affordable delivery model with utmost focus on financial inclusion.”