Jio Payments Bank

Jio Payments Bank, a wholly-owned subsidiary of Jio Financial Services, has introduced UPI-based cash withdrawal through its business correspondent touchpoints, marking an important step towards strengthening digital payments ecosystem and advancing financial inclusion. The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorising the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure, Jio Financial Services Ltd (JFSL) said in a statement on Tuesday. By enabling cardless cash withdrawals at business correspondent (BC) touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions, it added. Through this initiative, Jio Payments Bank Ltd (JPBL) continues to leverage the digital payments .

The payments bank's new official domain, jiopayments.bank.in, replaces jiobank.in as part of RBI compliance and enhanced digital security framework

Jio Payments Bank began FASTag-based toll collection in July 2025, and is currently managing toll operations at 11 toll plazas on different highway stretches across the country as an acquirer bank

The Payments Bank is soon going to launch an innovative new product, called Savings Pro, which will bring to customers India's first savings account that auto-invests idle cash in overnight MFs

Prior to this stake acquisition, Jio Financial already held an 82.17 per cent stake in JPBL, with SBI owning the remaining 79.08 million shares (17.83 per cent)

Jio Financial Services Ltd (JFSL) on Wednesday said it has acquired the entire 17.8 per cent stake of State Bank of India in Jio Payments Bank Ltd for a consideration of Rs 104.54 crore. With the stake buy, Jio Payments Bank becomes a wholly-owned subsidiary of JFSL. The company acquired 7,90,80,000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore pursuant to the approval received from Reserve Bank of India on June 4, JFSL said in a regulatory filing. Consequent to this acquisition, Jio Payments Bank has become a wholly-owned subsidiary of the company, it said. Prior to stake buy, Jio Financial held an 82.17 per cent stake in Jio Payments Bank.

The acquisition is subject to the approval of the RBI and is expected to be completed within 45 days post receipt of RBI approval

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The move is part of Jio Financial Services' plan to broaden its presence in the financial services industry, including asset and wealth management

The company subscribed to 6.8 crore equity shares of Jio Payments Bank for its business purposes

The 3 approvals issued to Orbit Connect India come as cos from Amazon.com to Musk's Starlink vie for the go-ahead to launch satellite communication services in the country

Macquarie report says the fintech firm could face headwinds with the entry of Jio Financial Services, which may focus on consumer and merchant lending, the mainstay of Paytm's business

Sources in the know say that this 70 per cent stake held by RIL will be transferred to JFS. SBI will continue to own the rest of the 30 per cent in RPB

SBI Cards and Payment Services (SBI Card) on Wednesday said it is available on the Jio Pay service

Action was based on the deficiencies in regulatory compliance, says central bank.

Telecom major Bharti Airtel was the first to begin payment bank services in November 2016