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Reliance Jio enters into an MoU with SBI for digital banking services

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Reliance Jio has entered into a MoU with State Bank of India (SBI) to expand their digital partnership and provide a platform offering digital banking, commerce, and financial services to customers. It has to be noted that Jio and SBI are joint partners in the Jio Payments Bank, with Reliance holding a 70% stake and the public sector lender owning the remaining 30%. Jio Payments Bank commenced operations in April this year. The expanded partnership will result in Jio’s ‘MyJio’ application offering SBI’s YONO (You Only Need One) digital banking app, over and above the Jio Payments Bank, the statement said. The partnership will see the telco providing SBI customers with special offers to purchase the Jio Phone, and at the various Reliance Retail outlets. SBI will also have an opportunity to increase its online reach by enabling its customers access to Jio’s online content. Moreover, the statement also said that Jio will also provide the bank with connectivity solutions that will enable video banking and other on-demand services, the release added. On the other hand, for Jio, its customers get access to a full-service bank and its facilities. Furthermore, the telecom operator will try to leverage on the large customer base of SBI to push its services. SBI has over 42 crore customers, out of which only just 2.5 million are on its online app. On the other hand, all of Jio’s 23 crore customers are on its MyJio app, which will now be integrated with YONO. Jio's recent moves In July, RIL had announced that it will…

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