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Nevertheless, Jio s payments bank, which debuted as the telco s answer to Airtel Payments Bank and Paytm Payments Bank, has itself not yet made significant progress in the country s payments market. It was incorporated as a joint venture between Reliance Industries and public sector bank State Bank of India (SBI) in November 2016 and started its operations in April 2018.
According to the data available on the National Payments Corporation of India (NPCI) website, Jio Payments Bank has only take a small share of Unified Payments Interface (UPI) transactions. The payments bank processed over 4.2 lakh transactions that accounted for a total of Rs. 20.35 crores in November, as per the publicly available data.