The Indian Express got a rare interview with Jyotindra "JT" Thacker of Reliance Jio, where, responding to questions from Anant Goenka, Director and Head (New Media) of the Indian Express group. The Indian Express has a story based on this interaction, here. A few key points made by Thacker in the interview (the Reliance Jio conversation begins around the 24 minute mark): On Payments Banks Thacker said that the cost of manufacturing cash today is more than the cost of the cash, and the only way to reduce the costs incurred on cash is to go digital. This why the RBI governor "is going to encourage digital payments in a big way. There is a legislation that below Rs 2000, you don't need two factor authentication. There is an opportunity to remove cash from the economy. The black economy will also go down, and the country will proper. We are only unleashing that revolution, and it will be digital money. That's why it's a synergistic opportunity for us." Responding to a query from an HDFC bank executive about what will happen to Jio Wallet, now that Reliance Jio has gotten a Payments Banks license, Thacker said that at the time that Jio Wallet was launched, Payments Banks weren't even on the horizon. "The only way out for us was to do a prepaid wallet and make sure we do this. We'll stop the wallet, or we'll continue and make sure that the Payments Bank is the predominant factor for us."…
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