A few months ago, it was reported that Reliance Jio, the Mukesh Ambani venture will soon roll out a new payments bank dubbed as Jio Payments Bank, which will be a joint venture between Reliance Industries and State Bank of India (SBI). A new report now says that Jio Payments Bank will commence operations in December. “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,” said a spoke person.
Jio Payments Bank was earlier planned to start operations in October 2017, but due to issues, the launch has been postponed to December. Also, Jio has begun delivering the JioPhones in the country, and if the launch had happened, it would collide with JioPhone deliveries.