Much awaited Reliance Jio money has started Payment Bank operation in India. Reliance Jio was among the 11 payment banks which were awarded licence by Reserve Bank of India (RBI). Other similar players started operation in India were Bharti Airtel, which began the bank services in November 2016.
Paytm Payments Bank began operations from May 2017 last year while FINO Payments Bank Limited started in June last year.
It is believe that the Jio will change the Payment bank space also as they did in Telecom space. Currently Payment banks can accept only deposit but can’t lend.
They even can’t issue the Credit Card also. Payments banks are being promoted by the Reserve Bank to further financial inclusion by giving services such as small savings accounts, payment and remittance services, Small saving account holder, deposit services at door step, low income households, small businesses and unorganized sector entities as well as other users.
