Tie-up between Reliance Jio and SBI to provide digital banking services

Tie-up between Reliance Jio and SBI to provide digital banking services

New Delhi: In order to provide digital banking services, the largest bank of India, State Bank of India and the telecom arm of Reliance Industries, Reliance Jio have joined hands. This partnership will enable the digital banking services for all the SBI customers. Services will be provided to through YONO, a digital banking app of the SBI, whereas Jio will offer special connectivity and devices solutions for the SBI customers.

SBI YONO (you need only one) was launched by the SBI as an omnichannel platform which offers digital banking, commerce and financial superstore services to the customers. With this partnership, the MyJio app will be enabling the digital banking features and solutions of YONO.

Both, the SBI has joined hands with the telecom giant, Reliance Jio with an aim to increase its digital customer base by multi-fold. Jio will be engaged as one of its preferred partners designing and providing network and connectivity solutions by SBI.

Jio and SBI customers will benefit from Jio Prime which is consumer engagement and commerce platform of Reliance. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants.

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RIL and SBI already have a 70-30 joint venture, namely Jio Payments Bank Limited.

On Friday, the share price of Reliance Industries hit an intraday high of Rs. 1,183.35 and an intraday low of Rs. 1,169.50 per share on the BSE. Meanwhile, the shares of SBI reached intraday high at Rs. 298.70 and intraday low was Rs. 294.05 per share on the BSE.

At 12:24 hours, Reliance industries was quoting Rs. 1,172.35, up by 0.34 per cent and SBI was quoting Rs. 295, up by 0.53 per cent. The Nifty50 was trading at 11,322 level, up by 0.69 per cent and BSE Sensex was quoting 37,426 level, up by 0.70 per cent on Friday.