Reliance Jio Payment Bank: Everything You Need To Know About Jio Bank in India

Reliance Jio Payment Bank: Reliance Jio Payment Bank Launched, Yesterday i.e. on 1 December 2016, Mukesh Ambani announced Reliance Jio Happy New Year Offer. With this new offer Jio will continue to provide Free Internet, Calls, SMS and other services till 31st march 2017. that they will extend their Free services. Initially Jio offer Free Internet till 31st December under Jio Welcome offer and Now they have extended the same under Jio Happy New Year Offer.

Reliance Jio Payment Bank

Now here is another amazing news from Jio that they will now launch Reliance Jio Payment Bank. Yes, you heard it right, Jio will also launch Jio Payment wallet same as Airtel Payment banks. 

Mukesh Ambani made the announcement that, Jio is the fastest growing company in the world. It’s user base grown faster than Facebook, WhatsApp & Skype. It has already acquired more than 52 Million users in India and plans to get 100 Million users soon.

So, With this all the speculations about Jio being extended has come to an end. But their was another Rumors in the sphere about Jio launching Payment banks. And Now this rumor has also been cleared. 

Reliance Jio Payment Bank Info:

Jio was One of the most-awaited entrants in the payments bank sector. Reliance Industries has started a joint venture with State Bank of India to incorporate Jio Payment Banks. According to documents filed with the Registrar of Companies (RoC), Jio Payment Banks Ltd was incorporated on November 10. This happened just after 2 days of banning Rs.500 and Rs.1000 notes and induction of Rs.2000 Notes by RBI, their are a lot of speculations about it though.

Now Jio will son roll out their Payment Banks for Public use. I will surely update all the latest news whenever, We get any informational from a reliable source.

What are Payment Banks?

To those who do not know, I would like to tell you what exactly Payment banks are? Payment Banks are a new form of Banks model of banks modeled by the Reserve Bank of India (RBI). They will work mainly on Mobile Phones rather than Traditional Bank branches.

Which Are The Payment Banks of India?

Reserve Bank of India has granted ‘in principle’ approval for payment banks to 11 entities. All of them are given on the basis of their profitability and future prospect in finances.

  1. Aditya Birla Nuvo Ltd
  2. Airtel M Commerce Services Ltd
  3. Cholamandalam Distribution Services Ltd
  4. Department of Posts
  5. Fino PayTech Ltd
  6. National Securities Depository Ltd
  7. Reliance Industries Ltd
  8. Dilip Shantilal Shanghvi
  9. Vijay Shekhar Sharma
  10. Tech Mahindra Ltd
  11. Vodafone m-pesa Ltd

How Much Money Can Deposit in Payment Banks?

You can deposit a maximum of Rs. 1 Lakh in your Reliance Jio Payment Bank account. It works same as the saving bank account.

How Can I Use Payment Banks?

Payment banks are really easy to use. All you need to get their mobile app and signup through your Mobile Number. Now, You can use these wallets to make daily transactions on essentials and your daily needs. This will somewhat works like Paytm Wallet.

How Are Payment Banks Helpful?

Yes, For a common man Payment banks will be very useful and helpful. Using Payment banks would surely help in reducing the number of Debit card frauds. As, Payment banks hold only less money, this would surely reduce the chances of fraudulent activities.

Can Payment Banks Offer Loans?

This is one of the most frequently asked question about Payment banks. To this I would like to tell that, No, Payment banks can not offer loans or cedit cards to anyone. Furthermore, Payment Banks can only accept upto Rs. 1 Lakh and give interest on them.

Can Payment Banks Offer ATM Cards?

Yes, Payment Banks can issue Debit Cards and ATM cards. These Cards can be used on ATM (Automated Teller Machine) of all Banks.

Can Payment Banks Provide Forex Cards?

Yes, Payment Banks can provide Forex Cards to travellers. The forex cards offer by Payment Banks can be used same as TM/Debit cards in all the ATMs in India. They can provide froex services at lower charges than traditional banks.

Now, RJIL will soon launch Jio’s first Payment Bank in India. Jio is taking every possible step to make india Digital. Firstly they gave free Internet, then extended it even announced Lyf Easy Phone, the cheapest 4G phone in India. And now they have announced about Jio payment banks. This would surely help making India a cashless economy and would certainly reduce corruption.

Jio happy new year offer

Jio is trying to make India Digital with the help of PM Narendra Modi initiative to ban notes. This will ultimately help bring transactions online which in turn help Jio. As per my insights, India should whole heartedly accept these things and try to take some steps towards Digitalization. They are also installing 40000+ Towers of Jio and the best part is that you can also apply for it and earn good money.

Jio has already launched JioMoney Wallet so that people can start making online payments. This wallet is similar to Paytm, Freecharge, Tapzo(Helpchat) and Mobikwik. Jio has also given various JioMoney Wallet Offers so that people can save their money on transactions.  preferred to use JioMoney app for making payments but apart from that they are also planning to launch Jio Payment Bank in India soon. 

I will keep this page updated with all the latest information about Jio Payment Banks. Keep sharing and do share your views. 🙂