Indian payments bank
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Jio Payments Bank Limited is an Indian payments bank, started operating in 2018 and is a subsidiary of Jio Financial Services, which is owned by Reliance Industries.
History
On August 19, 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 a 77:23 partnership between Reliance Industries and State Bank of India.[1]
On November 10, 2016, it registered as a public limited company to set up a payments bank. On April 3, 2018, Jio Payments Bank became the sixth payment bank to commence operations in India.[2]
Controversies
In October 2020, the Reserve Bank of India imposed a penalty of ₹1 crore (US$125,234) on the bank for not applying for the re-appointment of Managing Director and CEO in time, under Section 35B of the Banking Regulation Act, 1949.[3]
