New Delhi: Mukesh Ambani's company Reliance Jio has launched a payment bank after the explosion in the telecom world. The operation has begun, which the Reserve Bank of India has given the information. Reliance Industries is one of the 11 applicants who got the formal approval of the establishment of the payment bank in August 2015 and now its operation has begun from April 3.
By opening a savings account in Jio's payment, you can deposit up to one lakh rupees. Payment Bank Debit Card can also be issued. Install the Jio Payment Bank App You can open an account in it. Jio Payment Bank is in partnership with Reliance Industries Limited and State Bank of India, in which RIL holds 70% stake.
Bharti Airtel of Telecom sector launched the first payment bank in November 2016. Pettym started operations in Patym Payment Bank, May 2017, and Fino Payment Bank in June last year. After the arrival of Jio, the rest of the Rivalals in the bank of the payment bank are going to get tough competition.
What are the payment banks in the market now?
- Airtel Payment Bank
- Fino payment bank
- Aditya Birla Payment Bank
- India Post Payment Bank
What the payment banks can and can not do:
• Can not offer loans. You can deposit up to one lakh rupees in your account and pay interest on the deposit amount just like the savings accounts of the common banks.
• Only money can be transferred and sent through mobile phones.
• These types of services make you available such that you can pay bills through it, buy any cash without any cash and can do checklass transactions through mobile phones.
• They can also issue debit and ATM cards which you can use in all banks ATM machine.
• They can transfer money directly into bank accounts, there is no charge for this gateway connecting the bank.
• These passengers can provide foreign currency cards, which can be used anywhere in India as a debit and ATM card.
• They can provide foreign exchange services at lower rates than other banks.
• They can also provide card acceptance mechanism for third party such as 'apple pay'.
These benefits will be met with the Jio payment bank.
- Any savings account can open in the payment bank
- There are facility to deposit up to one lakh rupees in this account.
- Payment Bank Debit Card can also be issued.
- The payment bank will also have the option of giving general financial products like mutual funds and insurance products to the customer.
How to open jio payment bank account?
- First, install the Jio Payment Bank App and sign in with your Jio Number.
- Enter your base number at a certain place and link your base card.
- Update the address if the debit / ATM card is needed.
- Customer Verification of Customer Executive Identification for Payments Bank Account and thumb impression i.e. will come to your home for EKYC.
- You can also make verification by visiting Jio Payment Bank's Authorization Center.







