Reliance Jio likely to launch Jio Payments Bank by the end of 2017: Report

After leading the price war in the telecom sector, and then making a grand debut in the foray of phone manufacturing with Reliance JioPhone, Reliance Jio is now reportedly working to introduce its very own payment service. 

Mukesh Ambani led Reliance firm might name it -Jio Payments Bank. 

A report published in Livemint stated that Jio is working towards introducing its very own payment service by the end of this year. 

If the facility gets launched then it would be directly giving competition to recently launched Airtel's Payments Bank. 

Citing sources, the Livemint report stated that the new venture would be 70:30 partnership between Reliance Industries and State Bank of India.

The operation of the Jio Payments Bank is scheduled to begin by December 2017.

"The payments bank was expected to launch its operations in October. The launch got delayed as the RBI had asked them (Jio Payments Bank) to demonstrate its capabilities to ensure it is ready for a glitch-free launch. The launch will now be in December," sources aware of the plan told Livemint.

Commenting on the launch of the Jio Payment Bank, a Jio official said, "The RBI wanted to be sure that the payments bank is fully compliant with all the regulations and is able to service its customers efficiently. The demonstrations are being made to assure the regulator that the standards of customer service will be sustainably maintained."