After ruling the telecom industry in India, Jio is now focusing on other markets. The company has finally introduced its own payment bank and have started working from April 3, 2018. This is a very big news for the competitors like Paytm as Jio can capture any market with its mass popularity. This information is revealed by RBI in a tweet recently. According to RBI, such banks don’t have the power to give loans.
Jio Payments Bank Limited commences operationshttps://t.co/9rerjhSeaa
— ReserveBankOfIndia (@RBI) April 3, 2018
Currently, Jio has over 12 crore subscribers and it is expected that with payment bank Jio will try to keep the trust it has made in the telecom industry. Jio is among those 11 names which got the licence for payment bank in 2015.
Also Read: Mukesh Ambani Finally Reveals The Reason For Starting Jio
Competitors in market
Airtel was the first name to start payment banking in India in November 2016 and Paytm followed this concept in 2017. Idea is the latest company before Jio to start this service.
Features of Jio payment bank
- Anyone can open an account in Jio payment bank.
- Every account holder can deposit a maximum of Rs 1 lakh in this account.
- It is expected that Jio debit cards will be available very soon.
- Jio payment bank is mainly beneficial for small businessmen to distribute salaries and do transactions from smartphones without facing any difficulties like going to banks for financial purposes.
