Jio Payments Bank Commences Operations, Says RBI

Reserve Bank of India (RBI) on Tuesday said that Jio Payments Bank has commenced operations with effect from April 3, 2018.

"The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of payments bank in India," the country's central bank said in a statement.

According to RBI, Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank.

Payments bank has been conceptualised by RBI to further financial inclusion by providing small savings accounts and payments or remittance services.