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Reliance Jio Infocomm Limited (d/b/a Jio) is an Indian telecommunications company and a subsidiary of Jio Platforms, headquartered in Navi Mumbai. It operates a national LTE network with coverage across all 22 telecom circles. Jio offers 5G, 4G and 4G+ services all over India. Its 6G service is in the works. [10] [11] [12] [13]
Payment and settlement systems are used for financial transactions in India. Covered by the Payment and Settlement Systems Act of 2007 (PSS Act), legislated in December 2007, they are regulated by the Reserve Bank of India (RBI) and the Board for Regulation and Supervision of Payment and Settlement Systems.
Jio Payments Bank Limited is a 77:23 partnership between Reliance Industries and the State Bank of India. [1] On 10-November-2016, it registered as a public limited company to set up a payments bank. On 03-April-2018, Jio Payments Bank became the sixth payment bank to commence operations in India. [2]
As part of the Central Bank Digital Currency pilot project, Canara Bank has released the Unified Payments Interface compatible digital rupee mobile app. Without the need for a separate on-boarding procedure for CBDC for retailers, it will enable users to scan the existing UPI QR code and make payments using digital rupee.
Jio Platforms Limited, essentially a technology company, is a majority-owned subsidiary of RIL. It has a valuation of more than US$ 100 billion on expert view as of October 2022. It is the result of a corporate restructuring announced in October 2019, resulting in all the digital initiatives and the telecommunication assets being housed under ...
Jio soft-launched on 27 December 2015 with a beta for partners and employees [6] [7] [8] and became publicly available on 5 September 2016. It is the largest mobile network operator in India and the second largest mobile network operator in the world, with over 42.62 crore (426.2 million) subscribers.
[11] [12] The BSE SENSEX and NIFTY 50 stock indices fell over 6% on the day after the announcement. [13] The move reduced the country's industrial production and its GDP growth rate. [14] It is estimated that 1.5 million jobs were lost. [15] The move also saw a significant increase in digital and cashless transactions throughout the country. [16]
In 2013, RCom signed a multi-year managed services agreement (MSA) with Ericsson to manage services of wireline and wireless network of 100,000 kilometres (62,000 mi) of fiber and mobile infrastructure in 11 telecom circles in India. This arrangement was a smooth business relationship until 2016, post which RCom struggled to pay the dues.