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Jio Payments Bank seeks to open Reliance Industries, group companies' current accounts

Jio Payments Bank seeks to open Reliance Industries, group companies' current accounts
Jio Payments Bank seeks to open Reliance Industries, group companies' current accounts
Unlike regular commercial banks, payment banks are not allowed to lend.

Synopsis

Jio’s proposal comes at a time when the regulator has put in restrictions on scheduled commercial banks from opening current accounts of companies to which they have not lent beyond a certain limit.

The Reliance Industries-promoted Jio Payments Bank has sought Reserve Bank of India’s permission to open current accounts of Reliance Industries and other operating companies within the parent group.Such accounts, it’s believed, would be purely used for collection and payment services. Jio Payments Bank is a JV between Reliance and SBI.Jio’s proposal comes at a time the regulator has put in restrictions on scheduled commercial banks from opening
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