 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 3 April 2018 |
| Founder | Mukesh Ambani |
| Headquarters | Navi Mumbai, |
Area served | India |
Key people | |
| Services | |
| Owner |
|
| Website | www |
Jio Payments Bank Limited is an Indian payments bank, it started operating in 2018 and is currently a subsidiary of Jio Financial Services, which was initially owned by Reliance Industries but was listed separately on stock exchanges in 2023.
On August 19, 2015 Reliance Industries received a license to run a payments bank from the Reserve Bank of India under Section 22 (1) of the Banking Regulation Act, 1949. It then partnered with the State Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is a 77:23 partnership between Reliance Industries and the State Bank of India. [1]
On November 10, 2016, it registered as a public limited company to set up a payments bank. On April 3, 2018, Jio Payments Bank became the sixth payment bank to commence operations in India. [2]
In March 2024, it was reported that they were working on releasing a soundbox product for merchants, which would allow them to be notified whenever a customer pays and scans the QR code on the box and then through UPI. [3]
In October 2020, the Reserve Bank of India imposed a penalty of ₹1 crore (US$119,819) on the bank for not applying for the re-appointment of Managing Director and CEO in time, under Section 35B of the Banking Regulation Act, 1949. [4]
The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore and Salboni. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai, India. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports.
The Telecom Regulatory Authority of India (TRAI) is a regulatory body set up by the Government of India under section 3 of the Telecom Regulatory Authority of India Act, 1997. It is the regulator of the telecommunications sector in India. It consists of a chairperson and not more than two full-time members and not more than two part-time members. The TRAI Act was amended by an ordinance, effective from 24 January 2000, establishing a Telecom Disputes Settlement and Appellate Tribunal to take over the adjudicatory and disputes functions from TRAI.
ICICI Bank Limited is an Indian multinational bank and financial services company headquartered in Mumbai with a registered office in Vadodara. It offers a wide range of banking and financial services for corporate and retail customers through various delivery channels and specialized subsidiaries in the areas of investment banking, life, non-life insurance, venture capital and asset management.
Modern banking in India originated in the mid of 18th century. Among the first banks were the Bank of Hindustan, which was established in 1770 and liquidated in 1829–32; and the General Bank of India, established in 1786 but failed in 1791.
The IDBI Bank Limited is a Scheduled Commercial Bank under the ownership of Life Insurance Corporation of India (LIC) and Government of India. It was established by Government of India as a wholly owned subsidiary of Reserve Bank of India in 1964 as Industrial Development Bank of India, a Development Finance Institution, which provided financial services to industrial sector. In 2005, the institution was merged with its subsidiary commercial division, IDBI Bank, and was categorised as "Other Development Finance Institution" category. Later in March 2019, Government of India asked LIC to infuse capital in the bank due to high NPA and capital adequacy issues and also asked LIC to manage the bank to meet the regulatory norms. Consequent upon LIC acquiring 51% of the total paid-up equity share capital, the bank was categorised as a 'Private Sector Bank' for regulatory purposes by Reserve Bank of India with effect from 21 January 2019. IDBI was put under Prompt Corrective Action of the Reserve Bank of India and on 10 March 2021 IDBI came out of the same. At present direct and indirect shareholding of Government of India in IDBI Bank is approximately 95%, which Government of India (GoI) vide its communication F.No. 8/2/2019-BO-II dated 17 December 2019, has clarified and directed all Central/State Government departments to consider IDBI Bank for allocation of Government Business. Many national institutes find their roots in IDBI like SIDBI, EXIM, National Stock Exchange of India, SEBI, National Securities Depository Limited. Presently, IDBI Bank is one of the largest Commercial Banks in India.
Federal Bank Limited is an Indian private sector bank headquartered in Aluva, Kerala. The Bank has 1504+ banking outlets and, 2015+ ATMs/ CDMS spread across different states in India and overseas representative offices at Abu Dhabi and Dubai.
HDFC Bank Limited is an Indian banking and financial services company, headquartered in Mumbai. It is India's largest private sector bank by assets and the world's tenth-largest bank by market capitalization as of May 2024.
The South Indian Bank Limited (SIB) is a major private-sector bank headquartered at Thrissur in Kerala, India. As of 31 March 2023, the bank had a network of 948 banking outlets (947 branches and 1 service branch) and 1322 ATMs/CRMs (1189 ATMs and 133 CRMs) spanning 26 states and 4 union territories).
Infibeam Avenues Limited is an Indian payment infrastructure and software as a service (SaaS) fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.
The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India. Passed as the Banking Companies Act 1949, it came into force on 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966. It is applicable in Jammu and Kashmir from 1956. Initially, the law was applicable only to banking companies. But, in 1965 it was amended to make it applicable to cooperative banks and to introduce other changes. In 2020 it was amended to bring the cooperative banks under the supervision of the Reserve Bank of India (RBI).
Payments banks are a new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. These banks can accept a restricted deposit, which is currently limited to ₹200,000 per customer and may be increased further. These banks cannot issue loans and credit cards. Both current account and savings accounts can be operated by such banks. Payments banks can issue ATM cards or debit cards and provide online or mobile banking. Bharti Airtel set up India's first payments bank, Airtel Payments Bank.
Small finance banks (SFB) are a type of niche banks in India. Banks with a SFB license can provide basic banking service of acceptance of deposits and lending. The aim behind these is to provide financial inclusion to sections of the economy not being served by other banks, such as small business units, small and marginal farmers, micro and small industries and unorganised sector entities.
Reliance Jio Infocomm Limited is an Indian telecommunications company and a subsidiary of Jio Platforms, headquartered in Navi Mumbai, Maharashtra. It operates a national LTE network with coverage across all 22 telecom circles. Jio offers 5G, 4G and 4G+ services all over India. Its 6G service is in the works.
Airtel Payments Bank is an Indian payments bank with its headquarters in New Delhi. The company is a subsidiary of Bharti Airtel. On 5 January 2022, it was granted the scheduled bank status by the Reserve Bank of India under the second schedule of RBI Act, 1934.
Paytm Payments Bank (PPBL) is an Indian payments bank, founded in 2017 and headquartered in Noida. In the same year, it received the license to run a payments bank from the Reserve Bank of India and was launched in November 2017. In 2021, the bank received a scheduled bank status from the RBI.
Aditya Birla Payments Bank Limited (ABPB) was a payments bank started as a joint venture by Aditya Birla Nuvo Ltd. and Idea Cellular. Launched on 22 February 2018, it is the fourth payments bank to begin operations since issuance of licenses to 11 firms by the Reserve Bank of India in August 2015.
Jana Small Finance Bank is a small finance bank that commenced operations on March 28, 2018, headquartered in Bangalore, India.
Financial regulation in India is governed by a number of regulatory bodies. Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.
