Reliance Industries Ltd.

Reliance Industries (RIL) has applied for a Payments Bank license. RIL will be the promoter and State Bank of India (SBI) will be the joint venture partner with equity investment of up to 30 percent. The partnership is in accordance with the guidelines for Payments Bank issued by RBI and subject to grant of license by RBI.

This partnership brings together the combined strengths of two of India’s Fortune 500 corporations committed to making a transformative impact on India's financial inclusion landscape.

The Payments Bank will leverage SBI’s nationwide distribution network and risk management capabilities along with the substantial investments made by RIL in its retail and telecom businesses. It will deploy state-of-the-art technology, build scalable infrastructure and create extensive branch and business correspondent network in order to provide last-mile access and intuitive user experience to all sections of society.