According to sources after disrupting the telecom and broadband industries in India, the next thrust area for Reliance in is reportedly Jio Payments Bank. Meanwhile before launching the payments bank, it is leveraging its massive manpower strength of 100,000 employees to test out the business and hence the company had followed a similar method when it had launched its mobile phone service, Jio around three years back.
Accordingly Jio Payments Bank is a joint venture between State Bank of India, India’s largest public sector bank and Reliance Industries Limited, India’s largest private sector company, on a 30:70 partnership. Meanwhile this was one of the 8 licenses that the RBI issued, some of the others being Airtel, Paytm and Fino Payment Banks.
Furthermore some of the mutually beneficial outcomes of this association between SBI and RIL are: the much advertised YONO platform of SBI has been already integrated with Reliance Jio with the My Jio app, Jio Prime, the customer loyalty programme offered by Jio will be offered to the SBI customers too and so on. Also SBI Rewardz, the loyalty program offered by SBI will also be integrated with Jio Prime. Moreover there may be benefits to Reliance in its digital technology business in which it is quite aggressive, since SBI may offer some business to Reliance Jio to develop its communication and digital network.
