The chairman of Reliance Industries, Mukesh Ambani had set foot in various industries like Retail, telecom, over the last few years, and has been growing steadily into a giant force. With his latest business launched, he has given a huge shock to services like Airtel and Paytm.
Former Reserve bank governor Raghuram Rajan had introduced payment banks before his tenure ended, and had opened registrations then, and this registration process was a huge success. Among the few companies which obtained payment banking license in 2015 August happened to be Reliance Industries, along with 11 other companies. As an add on, Jio users will get access to Jio Payment Bank.
The Reliance Jio Payment bank has begun
operation from April 3, as per the notification of the RBI. While Airtel and
Paytm have been the most prominent payment banks of India, now, IDEA, the prime
competitor of Reliance, also had begun its payment bank services from February
22. While Airtel Payment bank had already faced criticism for misuse of
customer data, with Jio Payment Banks coming to existence, it is sure gonna be
a tough time for Airtel and Paytm.
