Jio Payments Bank Limited has commenced operations as a payments bank. 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.
Reliance Industries Limited, Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank.
Source- The RBI
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- Telecom major Bharti Airtel was the first to begin payment bank services in November 2016.