Jio Payments Bank, a joint venture between Reliance Industries Ltd and State Bank of India, is likely to start operations in December, according to media reports. Jio Payments Bank will join the league of Bharti Airtel, Paytm, India Post and Fino Payments Bank. After its spectacular success in telecom, Reliance is being foreseen as a threat to payment bank operators. With Bharti Airtel already active in this domain, experts also see the telecom war spilling into payment banking especially in view of Jio’s alliance with SBI. Sanjiv Bhasin, executive vice president at IIFL, decodes the potential threats of Jio’s entry in payment banking.
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