Jio Payments Bank Limited (JPBL) is an Indian payments bank, it started operating in 2018 and is currently a subsidiary of Jio Financial Services Limited (JFSL), which was initially owned by Reliance Industries Limited (RIL) but was listed separately on stock exchanges in 2023.
History On 19-August-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. Initially, JPBL was a 70:30 partnership between Reliance Industries Limited and the State Bank of India.
On 10-November-2016, it registered as a public limited company to set up a payments bank. On 03-April-2018, Jio Payments Bank became the sixth payments bank to commence operations in India.
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.
State Bank of India later on held a 17.80% stake in Jio Payments Bank Limited, which was set up as a joint venture with Jio Financial Services Limited (JFSL). In June-2025, JFSL bought out SBI's stake, acquiring 7.91 crore shares and taking full ownership of the payments bank.
Controversies In October-2020, the Reserve Bank of India (RBI) imposed a penalty of 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.
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