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Reliance Jio And SBI Partnership: Everything You Need to Know

The new partnership brings several benefits to the users of Jio, SBI as well as Jio Prime Bank.

Updated:August 3, 2018, 2:55 PM IST
Reliance Jio And SBI Partnership: Everything You Need to Know
(Representative Image: Reuters)
Reliance Jio and SBI signed a MoU on Thursday, further deepening their partnership to bring enhanced digital banking experience to their users. The partnership was announced post the operationalization of Jio Payments Bank, which is a 70:30 Joint Venture between RIL and SBI. The newly formed partnership will aim to bring exclusive digital Banking, Payments and Commerce experience to both the companies' customers.

The signing of the MoU took place among Mrutyunjay Mahapatra, Deputy Managing Director (Strategy) & Chief Digital Officer, State Bank of India and Alok Agarwal, Chief Financial Officer (CFO), Reliance Industries Limited. In its complete context, the partnership aims to fulfil everyday payments, banking, shopping and lifestyle journeys and more of the customers of all the 3 entities i.e. SBI, Jio and Jio Payments Bank. The idea is to get all of this delivered where the customer wants it, conveniently, through the mobile and at BC outlets across India.

What do you get?

In essence, SBI will be engaging Jio as one of its preferred partners for designing and providing network and connectivity solutions. With this partnership, SBI is also looking to launch customer-centric services such as video banking and other on-demand services. Additionally, Jio Phones will be available on special offers for SBI customers. The companies have also announced SBI YONO, an omnichannel platform offering digital banking, commerce and financial superstore services to customers. YONO’s digital banking features and solutions will be enabled through the MyJio platform.

In addition, MyJio mobile application will now bring in financial services capabilities of SBI and Jio Payments Bank. Jio Prime will also offer exclusive deals from Reliance Retail, Jio, partner brands and merchants. In addition, with an integration between SBI Rewardz (existing loyalty program from SBI) and Jio Prime, customers of SBI will be offered additional loyalty reward earning opportunities as well as broader redemption within Reliance, Jio and other online and physical partner ecosystems.

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| Edited by: Sarthak Dogra
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