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Jio Payments Bank commences operations after receiving RBI's approval

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

Press Trust of India  |  Mumbai 

Reliance Jio, Jio

The Reserve today said has commences its services from Tuesday.

was one of the 11 applicants which were issued in-principle approval for setting up a in August 2015.

"Limited has commenced operations as a payments bank with effect from April 3, 2018," RBI said in a notification.

Telecom was the first to begin services in November 2016.

Paytm founder promoted began operations from May 2017 last year while kicked-off in in June last year.

Birla group's Idea Payments Bank was the latest in this space whose operations were started from February 22 this year.

While, the Department of Posts, which also got a license for a is yet to start its services formally, who is running services on pilot basis currently.

are being promoted by the Reserve Bank to further financial inclusion by giving services such as small savings accounts, payment or to migrant labour workforce, low income households, small businesses and unorganised sector entities as well as other users.

First Published: Tue, April 03 2018. 22:32 IST