The Reliance Industries limited (RIl) has applied for a Payments Bank license as a promoter and State Bank of India (SBI) will be the joint venture partner with equity investment of upto 30 per cent, a company Press release issued here on Monday stated.
The partnership is in accordance with the guidelines for Payments Bank issued by Reserve Bank of India (RBI) and subject to grant of license by RBI, it stated. This partnership brings together the combined strengths of two of India’s Fortune 500 corporations committed to making a transformative impact on India’s financial inclusion landscape, it stated.
The Payments Bank will leverage SBI’s nationwide distribution network and risk management capabilities alongwith the substantial investments made by RIl in its retail and telecom businesses.
It will deploy state-of-the-art technology, build scalable infrastructure and create extensive branch and business correspondent network in order to provide last-mile access and intuitive user experience to all sections of society.