Reliance Jio has reportedly been working with the State Bank of India for developing its own payments bank. According to a report by Livemint, it is a 70:30 joint venture between RJIL and SBI. Some sources aware of the plans said that the payments bank was supposed to be launched along with the deliveries of the JioPhone, but was delayed as RBI had directed Jio to demonstrate its functionalities and ensure that it is glitch-free pre-launch. Jio’s payments bank will rival with Airtel’s Payments Bank, Paytm and many others.
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