State Bank and Jio extend partnership in digital payments space
SBI and Jio have a joint venture for payment bank- Jio Payments Bank, wherein Jio holds 70 percent and the balance is with SBI.
State Bank and Reliance Jio, which are partners in a payment bank venture, today extended the same to the digital payments space that will help ramp up the nation's largest lender's digital customer base multi-fold.
SBI and Jio have a joint venture for payment bank- Jio Payments Bank, wherein Jio holds 70 percent and the balance is with SBI. But the JV is yet to operationalize despite getting the licenses more than two years ago.
Under the partnership, SBI Yono, an omnichannel platform offering digital banking, commerce, and financial superstore services, will be enabled through the MyJio platform to customers, while MyJio, the over-the-top (OTT) mobile application, will bring in financial services capabilities of SBI and Jio Payments Bank.
"We are delighted to partner with Jio. All areas of cooperation are mutually beneficial, enhancing the digital the footprint for SBI customers," SBI chairman Rajnish Kumar said in a joint statement. Reliance Industries chairman Mukesh Ambani joined him saying, "the scale of SBI's customer base is unmatched.
In addition, with an integration between SBI Rewardz (SBI's loyalty programme) and Jio Prime, SBI customers will be offered additional loyalty reward earning opportunities as well as broader redemption within Reliance, Jio and other online and physical partner ecosystems.
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