Reliance Industries Limited was granted an in-principle approval by the Reserve Bank of India ('RBI') to establish a new Payments Bank under the Banking Regulation Act, 1949. It then partnered with the State Bank of India to support this ambitious initiative of building Payments Bank capabilities for every Indian and accordingly, Jio Payments Bank Limited, was incorporated in November 2016. With the track record of the Reliance Group of leadership in chosen areas of businesses and large scale roll-outs, the Payments Bank initiative is seen by Reliance as a significant opportunity to make a transformative impact on India’s financial inclusion landscape to lead and co-create an eco-system to provide accessible, simple and affordable banking solutions to all constituents of our country - especially the financially excluded, to digitise payments and to act as a catalyst towards a cashless society