Jio Payments Bank
An Indian payments bank providing digital payments and savings-account services under Jio Financial Services.
Last updated October 27, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Jio Payments Bank Limited is an Indian payments bank associated with the Jio financial-services ecosystem. It was established through a partnership between Reliance Industries and the State Bank of India after Reliance received regulatory approval to operate a payments bank in 2015. The company was incorporated in November 2016 and registered as a public limited company on 10 November 2016 for the purpose of establishing and operating a payments bank. Its ownership structure was initially dominated by Reliance, with SBI holding a minority stake. The bank commenced operations on 3 April 2018, becoming the sixth payments bank to begin operating in India. Its business model is focused on services permitted to payments banks, including digital payments and savings-account facilities rather than the full range of lending activities associated with conventional commercial banks. The institution forms part of the broader Jio Financial Services platform, which developed out of Reliance Industries' financial-services interests and became separately listed in 2023. Jio Payments Bank operates in India's increasingly digital payments market, where mobile connectivity, account access, QR-code payments and the Unified Payments Interface have become important channels for consumers and merchants. Its positioning is therefore closely connected with digital convenience and financial inclusion. The available reference material identifies digital payments and savings accounts as its principal service areas, but does not provide a complete public catalogue of products, customer numbers, financial results or geographic operating metrics. The bank has also explored merchant-facing payment infrastructure. In March 2024, reports indicated that it was working on a soundbox product intended to provide an audible notification when a merchant receives a payment after a customer scans a QR code and pays through UPI. This initiative would extend the bank's presence beyond account and payment functionality into point-of-sale tools for small businesses, although the supplied material does not establish a definitive commercial launch date. Jio Payments Bank has faced regulatory scrutiny. In October 2020, the Reserve Bank of India imposed a penalty of ₹1 crore for failing to apply on time for the reappointment of its managing director and chief executive officer, citing the relevant provision of the Banking Regulation Act, 1949. The penalty was a compliance matter and does not, on the supplied evidence, indicate a suspension or withdrawal of the bank's licence. In June 2025, Jio Financial Services acquired the State Bank of India's remaining interest by purchasing 7.91 crore shares. The transaction made Jio Payments Bank fully owned by Jio Financial Services, ending the original Reliance-SBI joint-venture ownership structure. Jio Payments Bank consequently remains an active Indian payments-bank institution within the Jio Financial Services group.
History
Jio Payments Bank's origins date to India's regulatory creation of the payments-bank category. On 19 August 2015, Reliance Industries received authorization from the Reserve Bank of India to operate a payments bank under Section 22(1) of the Banking Regulation Act, 1949. The approval provided the basis for a financial institution designed around deposits, payments and related services rather than the broader lending activities of a conventional bank. Reliance subsequently partnered with the State Bank of India. Jio Payments Bank Limited was incorporated in November 2016, and the company registered as a public limited company on 10 November of that year to establish the payments-bank business. The initial ownership arrangement gave Reliance the dominant interest, reported as 82.17%, while SBI held 17.83%. The partnership combined Reliance's consumer and digital platform ambitions with SBI's banking expertise and institutional position. The bank began operating on 3 April 2018. It was identified as the sixth payments bank to commence operations in India. Its core activities centered on digital payments and savings-account services, consistent with the payments-bank model. Jio Payments Bank's development took place during a period in which mobile connectivity, app-based financial services, QR payments and UPI were rapidly expanding across the Indian market. The institution later became part of the Jio Financial Services structure. Jio Financial Services was initially associated with Reliance Industries and was listed separately on Indian stock exchanges in 2023. This corporate separation placed Jio Payments Bank within a dedicated financial-services group while retaining its connection to the wider Reliance and Jio ecosystem. In March 2024, reports indicated that Jio Payments Bank was working on a merchant soundbox. The proposed device would provide an audible alert when a customer completed a QR-code payment through UPI, addressing a practical need among merchants who may want immediate confirmation without checking a handset or payment application. The supplied material does not confirm the product's final launch or commercial scale. The bank also encountered a regulatory compliance issue. In October 2020, the Reserve Bank of India imposed a ₹1 crore penalty after the bank failed to submit an application on time for the reappointment of its managing director and chief executive officer. The action was taken under Section 35B of the Banking Regulation Act, 1949. No supplied source indicates that the penalty resulted in the bank ceasing operations. The original Reliance-SBI ownership structure ended in June 2025. Jio Financial Services acquired SBI's remaining interest by purchasing 7.91 crore shares, taking full ownership of Jio Payments Bank. The transaction marked the bank's transition from a Reliance-SBI joint venture into a wholly owned subsidiary of Jio Financial Services. As of the supplied reference material, it remains an active Indian payments bank focused on digital payments and savings services.
- 2025
Jio Financial Services takes full ownership
[1]Jio Financial Services acquired SBI's remaining 7.91 crore shares, making Jio Payments Bank wholly owned by Jio Financial Services.
- 2024
Merchant soundbox development reported
[1]Reports indicated that the bank was developing a soundbox to notify merchants of QR-code and UPI payment receipts.
- 2023
Jio Financial Services becomes separately listed
[1]Jio Financial Services, the bank's corporate parent, was listed separately from Reliance Industries.
- 2020
Regulatory penalty
[1]The Reserve Bank of India imposed a ₹1 crore penalty concerning the late application for reappointment of the managing director and chief executive officer.
- 2018
Commercial operations begin
[1]Jio Payments Bank began operating on 3 April and became the sixth payments bank to commence operations in India.
- 2016
Jio Payments Bank is incorporated
[1]Reliance Industries and the State Bank of India established Jio Payments Bank Limited as an 82.17% to 17.83% partnership.
- 2016
Registration as a public limited company
[1]Jio Payments Bank registered as a public limited company on 10 November to set up its payments-bank operations.
- 2015
Reliance receives payments-bank authorization
[1]The Reserve Bank of India granted Reliance Industries authorization to operate a payments bank under Section 22(1) of the Banking Regulation Act, 1949.
Products and positioning
A digitally oriented Indian payments bank focused on payments access, savings services and financial inclusion, with additional emphasis on mobile and merchant payment infrastructure.
Payments · 2018
Digital payments
Jio Payments Bank's core service area is digital payments for Indian consumers and merchants. The supplied material associates the bank with electronic payment services and UPI-linked transactions, although it does not provide a complete list of supported channels, limits or fees.
Deposit accounts · 2018
Savings accounts
Savings-account services form part of the bank's payments-bank offering. These accounts are intended to support digital access to deposits and payments, within the regulatory scope applicable to Indian payments banks. Detailed account variants and terms are not specified in the supplied sources.
Merchant payments
Merchant soundbox
The merchant soundbox was reported in March 2024 as a product under development. It was intended to provide an audible confirmation when a customer paid by scanning a merchant QR code and using UPI. The available material does not confirm a final launch date or the product's current commercial status.
Controversies
2020
Reserve Bank penalty for delayed executive reappointment application
In October 2020, the Reserve Bank of India fined Jio Payments Bank ₹1 crore after the bank did not apply in time for the reappointment of its managing director and chief executive officer. The penalty cited Section 35B of the Banking Regulation Act, 1949.
2020
RBI fines Jio Payments Bank for late reappointment application
The Reserve Bank of India imposed a penalty of Rs 1 crore on Jio Payments Bank for submitting an application regarding its managing director and CEO's reappointment late. The RBI said the action was based on regulatory-compliance deficiencies and was not intended to pronounce on the validity of customer transactions or agreements.
Brand decisions
2025
Acquisition of SBI's remaining ownership interestM&ABackground
Jio Payments Bank had initially been formed with State Bank of India as a minority partner.
Action taken
Jio Financial Services purchased SBI's remaining 7.91 crore shares in June 2025.
Aftermath
Jio Financial Services became the full owner of Jio Payments Bank, ending the original Reliance-SBI joint-venture structure.
Shares acquired. SBI held a minority stake → Jio Financial Services acquired 7.91 crore shares and took full ownership (June 2025)
2024
Development of a merchant payment soundboxProduct launchBackground
Merchants using QR-code and UPI payments may need immediate confirmation that a transaction has been received.
Action taken
Jio Payments Bank was reported to be developing a soundbox that would announce successful customer payments.
Aftermath
The supplied reference does not establish whether the product was commercially launched or how broadly it was deployed.
2016
Establishment of a Reliance-SBI payments-bank joint ventureStrategyBackground
Following Reliance Industries' 2015 regulatory authorization, Reliance and the State Bank of India created Jio Payments Bank to participate in India's emerging payments-bank sector.
Action taken
The parties incorporated Jio Payments Bank Limited, with Reliance holding the majority interest and SBI retaining a minority stake.
Aftermath
The bank began operations in 2018 and operated for several years under the joint-venture ownership structure.
Recent events
- 2025
Jio Financial Services acquires State Bank of India's remaining stake[1]
M&A
Jio Financial Services reportedly purchased 7.91 crore shares from State Bank of India, taking full ownership of Jio Payments Bank and ending the original minority participation by SBI.
- 2024
Jio Payments Bank reported to be developing a merchant soundbox[1]
Product launch
Reports said the bank was working on a soundbox for merchants that could announce successful customer payments made by QR-code scanning and UPI.
Sources3 sources
Cite this profile: Cite the canonical profile. /brand-wiki/jio-payments-bank · Editorial policy · How profiles are compiled