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Reliance Industries teams up with SBI for payments bank

Feb 02, 2015    

New Delhi: Looking to foray into banking business, Reliance Industries has teamed up with state-run behemoth SBI to apply for a payments bank licence.This would bring together the nation's largest banking network and pan-India telecom and retail setup.RIL and SBI put in a joint application to the Reserve Bank of India (RBI) to set up a payment bank that can offer services such as remittances and deposits but not loans.Monday was the last date of application.The nation's largest lender SBI, which being a commercial bank could not apply for a payment bank license, will hold 30 per cent in the jo...

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