“SBI’s YONO platform’s services will now be available in the MyJio app”
Earlier this year in April, Mukesh Ambani-led Reliance Jio entered the payments banking space. The company launched the Jio Payments Bank as a joint venture between Reliance Industries and India’s leading public bank — State Bank of India (SBI). Reliance will be owning 70 percent share of the joint venture, while the remaining 30 percent share will be held by SBI. Now the companies have deepened their partnership by integrating the SBI YONO platform into the MyJio application.
SBI’s YONO digital banking platform’s features and solutions will be available in the MyJio app for customers, said Reliance Jio in a press release. The company also mentioned that SBI and Jio users will get benefit from Jio Prime, which will offer exclusive deals from Reliance Retail, Jio, its partner brands and merchants. In addition, SBI customers will be offered additional loyalty earning opportunities as well as other benefits from Reliance, Jio, and other online and physical partners.
Mukesh Ambani, Chairman, Reliance Industries Limited said, “The scale of the SBI customer base is unmatched globally. Jio is committed to using its superior network and platforms combined with the Retail ecosystem to accelerate digital adoption serving all the needs for SBI’s and Jio’s customers”.
It’s worth mentioning that SBI will also add Reliance Jio as a preferred partner for developing and providing network and connectivity solutions to its users. The bank seems to be looking to utilise the telco’s extensive network in rural and urban areas to offer features like video banking as well as other on-demand services.
