December 1 has surely proved to be a big day for the new entrant of the telecom sector, Reliance Jio, and its users. Yes, after all, the rumors over the last few months, the telecom operator has finally decided to extend its existing Welcome Offer until March 2017, and named it as "Happy New Year".
The Jio Happy New Year offer is expected to provide the users with similar services like that of Welcome Offer. However, along with the extension of the Welcome Offer, it is expected that Reliance Jio might soon start its pilot payment bank like that of Airtel, to build cashless India, in order to support demonetization.
Supporting Narendra Modi's decision to make India completely digital, Reliance Jio soon after the ban on high denominations, have made life easy for people with limited or no money with its JioMoney App, and have been promoting and suggesting everyone to avail JioMoney to easily adapt to a cashless life by easy bank transfer and carrying out other transactions.
Reliance Jio had a joint venture of Reliance Industries Ltd, and State Bank of India, soon after demonetization to enter the payments bank sector, by introducing Jio Payments Bank Ltd, after the company stirs the entire telecom sector, according to documents filed with the Registrar of Companies (RoC).
According to reports, in August 2015, Reserve Bank of India has provided licenses to 11 companies to offer conventional banking service, called Payments Bank license including Aditya Birla Nuvo, Airtel M Commerce Services, Reliance Industries, Dilip Shantilal Shanghvi, Vijay Shekhar Sharma, Vodafone m-pesa and more.
Hence, on this regard, it can be concluded that Reliance Jio might start their payment bank pilot project very soon, like that of Airtel, which introduced its first payment bank service in Rajasthan and in just a span of two days opened nearly 10,000 saving accounts for the customers.