 | |
| Company type | Subsidiary |
|---|---|
| Industry | Financial services |
| Founded | 3 April 2018; 7 years ago (2018-04-03) |
| Founder | Mukesh Ambani |
| Headquarters | Navi Mumbai, India |
Area served | India |
Key people |
|
| Services | |
| Owner | Jio Financial Services (JFSL)[1] |
| Website | www |
Jio Payments Bank Limited is an Indian payments bank, it started operating in 2018 and is currently a subsidiary ofJio Financial Services, which was initially owned byReliance Industries but was listed separately on stock exchanges in 2023.
On 19-August-2015 Reliance Industries received a license to run a payments bank from theReserve Bank of India under Section 22 (1) of theBanking Regulation Act, 1949. It then partnered with theState Bank of India and incorporated Jio Payments Bank Limited in November 2016. Jio Payments Bank Limited is an 82.17:17.83 partnership between Reliance Industries and the State Bank of India.[2]
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.[3]
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 theQR code on the box and then throughUPI.[4]
State Bank of India initially held a 17.8% stake in Jio Payments Bank Limited, which was set up as a joint venture with Jio Financial Services Limited. In June 2025, JFSL bought out SBI's stake, acquiring 7.91 crore shares and taking full ownership of the payments bank.[5][6]
In October 2020, the Reserve Bank of India imposed a penalty of₹1 crore (US$118,281) 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.[7]
