Reserve Bank of India (RBI) on Tuesday stated that Jio Payments Bank has commenced operations with impact from April three, 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 nation’s central financial institution stated in an announcement.
According to RBI, Reliance Industries Limited, Mumbai was one of many 11 candidates which have been issued in-principle approval for establishing a funds financial institution.
Payments financial institution has been conceptualised by RBI to additional monetary inclusion by offering small financial savings accounts and funds or remittance providers.
Adapted From: Gadgets360