Here's how payment banks are likely to impact on your financial life soon

By foraying into distribution, forex and digital lending, they are creating more touch points with customers

Jio Payments Bank has recently started its pilot operations. Reliance Industries owns 70 per cent stake while State Bank of India (SBI) holds the balance 30 per cent in this entity. The interest rate it will offer on deposits has not been announced yet. We will soon know if Jio’s entry into the payment banks space will have the same kind of transformative impact that it had on the telecom sector. Meanwhile, let us try to evaluate the impact that payment banks are likely to have on your financial life soon.  

Account opening in a payments bank is simpler than in