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Reliance-SBI Payment Bank soon


Jio Payments Bank, a joint venture between Reliance Industries Ltd (RIL) and SBI, is gearing up to commence operations by December this year. The Mukesh Ambani-owned conglomerate originally scheduled the launch in October when it opened bookings for its 4G-enabled Jio Phone.
If the launch goes as planned, Jio Payments Bank will be the country’s fifth active payments bank after Airtel, Paytm, India Post, and Fino Payments Bank.
Commenting on the development, a source in the know said, “The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December.”

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