Reliance Industries chairman Mukesh Ambani has said the proposed payments bank will “leverage Reliance Jio’s pan-India telecom network and Reliance Retail’s online and offline business model, to promote the digital ecosystem among all sections of the society across the country”.
“The partnership with SBI will enhance product capabilities, create the most extensive distribution network in India and drive mass scale digital payments and banking adoption, through an ‘easy to use’ experience driven by technology,” Ambani said. SBI will hold up to 30 per cent stake in the bank.
In conjunction, RIL is looking to launch JioMoney, a prepaid payment instrument to facilitate cashless payments across multiple-use cases. The payments bank formation will deliver all digital banking products and services and co-create an ecosystem to digitise payments it said.