Mumbai: Reliance Jio started its payment bank. The work of Geo Payment Bank will start on Wednesday. Reserve Bank of India Reliance Industries is one of the 11 applicants who received the formal approval in August 2015 for the establishment of the payment bank.
Airtel-Peti Bank collision
With the introduction of the Geo Payment Bank, Airtel-Peti's payment bank will get a competition. Bharti Airtel, the telecom sector, had launched the first payment bank in November 2016. Then Patiala founder Vijay Shekhar Sharma's PaymeM payment bank was started in May 2017. Apart from this, so many companies have started the pamet bank. However, due to the introduction of the payment system, other banks will get a chance to compete with banks.
Reliance Jio first made its strong grip in the telecom sector. Your user base has been strengthened through free voice calls and data. Xiao has 12 million users. The company has extended prime membership period even after one year. It is said that after the company started the payment bank, now we are trying to create a stronghold in the banking sector.
These benefits will be available
Anyone can open a savings account at a payment bank.
There is a facility to deposit up to one lakh rupees in this account.
Debit card can also be obtained from the payment bank
Payment Bankers have options for general financial products such as mutual funds and insurance products.
The Benefits Of Traders
Small traders will benefit from this.
Salary Account can be opened at the payment bank for business, which is 5-6 employees by Payemne Bank.
It is easy to make banking through mobile banking through payment bank.
You can open such an account
First of all, install the app of GeoPayment Bank and sign in with the number zero.
Enter your support number and add support to a fixed place.
If the debit or ATM card is needed, please update the address.
Physical Verification and Thumb Impression for Customer Examination for Payment Bank Account will be at your home for EKAI.
You can also do verification by going to the official Xiao Payment Bank official center.
Source from zee news