Earlier this year, in April, Reliance Jio and SBI joined hands and launched Jio Payments Bank (a 70:30 joint venture between RIL and SBI). Now the partnership is looking to strengthen their hold in the mobile banking space. Jio and SBI are entering into a digital partnership aimed to increase SBI’s digital customer base. SBI YONO is an omni channel platform offering digital banking services to customers. YONO’s digital banking features and services will be enabled through the MyJio platform. This means that you will be able to access the services from the comfort of the MyJio app.
Through this partnership, customers will be able to get some benefits. Jio Prime will offer exclusive deals and benifits from Reliance Retail, Jio, partner brands and merchants to customers who will transact using the MyJio App. Customers will also get loyalty rewards for using the service. SBI in turn will engage Jio as one of its preferred partners for designing and providing network and connectivity solutions.
Speaking on the partnership, Mr. Rajnish Kumar, Chairman, SBI said, “As India’s largest Bank with leadership in digital banking, we are delighted to partner with Jio the world’s largest network. All the areas of co-operation are mutually beneficial enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences.”
Mr. Mukesh D. Ambani, Chairman, Reliance Industries Limited said, “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers.”
In other Jio news, Reliance JioGigaFiber service have faced a delay in rollout due to unfavourable weather conditions. It was announced that JioGigaFiber services will commence from August 15. However, it seems that the company is facing difficulties in the last-mile rollout due to unforeseen weather conditions. You can read more about the delay here.