Reliance Industries and the State Bank of India (SBI) have put in a joint application to the Reserve Bank of India (RBI) for a payments bank licence.
SBI would hold up to 30% stake in the proposed payment bank. Reliance will be the promoter and will hold the remaining stake.
The joint venture is in accordance with the guidelines for Payments Bank issued by RBI.
The payments bank will leverage SBI’s distribution network and risk management capabilities as well as substantial investments made by RIL in its retail and telecom businesses.
The bank will implement advanced technology, build scalable infrastructure and create extensive branch and business correspondent network to offer last-mile access and intuitive user experience.
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