Mumbai April 3 (IANS) Reserve Bank of India (RBI) on Tuesday said that Jio Payments Bank Limited has commenced operations with effect from April 3 2018.
"The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act 1949 to carry on the business of payments bank in India " the country s central bank said in a statement.
According to RBI Reliance Industries Limited Mumbai was one of the 11 applicants which were issued in-principle approval for setting up a payments bank.
Payments bank has been conceptualised by RBI to further financial inclusion by providing small savings accounts and payments or remittance services.
--IANS
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