Reliance Jio join hands with SBI to boost digital transactions

Reliance Jio has joined hands with country's largest lender State Bank of India (SBI) to bring next-generation banking experience for their customers.

"Post operationalization of Jio Payments Bank (a 70:30 JV between RIL and SBI) Jio and SBI are deepening their partnership to bring next-generation bilateral frictionless experience with exclusive digital Banking, Payments and Commerce journeys for their customers," Jio said in a release.

Under the partnership, SBI YONO is 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.

Mukesh D. 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."

Jio and SBI customers will benefit from Jio Prime, a consumer engagement, and commerce platform from Reliance.

In addition, Jio Prime will 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.

Jio will also allow SBI to launch customer-centric services such as video banking and other on-demand services.

Speaking on the partnership, Rajnish Kumar, Chairman, SBI said, "As India's largest Bank with leadership in digital banking, we are delighted to partner with Jio the world's largest network. All the areas of co-operation are mutually beneficial in enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences."