State Bank of India's joint venture payments bank is set to start operations in December, Mint reported Oct. 9, citing "three people aware of the plans."
Jio Payments Bank, a joint venture between State Bank of India and Reliance Industries Ltd., will commence operations in December after initially planning to do so in October, one of the sources said.
The source added that the start of operations was delayed as the Reserve Bank of India had asked the payments bank to demonstrate its capabilities in order to ensure no issues at launch.
The central bank sought to ensure that Jio Payments Bank was fully compliant with regulations and that standards of customer service will be sustainably maintained, an official from the payments bank said.
State Bank of India is looking to leverage Jio Payments Bank's network in order to gain access to customers in India's unbanked rural areas, the first source said.
Spokespersons at both State Bank of India and Reliance Industries did not respond the publication's emails seeking further details.