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Jio Payments Bank, the Glossary

Jio Payments Bank Limited is an Indian payments bank, it started operating in 2018 and is currently a subsidiary of Jio Financial Services, which was initially owned by Reliance Industries but was listed separately on stock exchanges in 2023.^[1]

Bank

A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans.

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Bank account

A bank account is a financial account maintained by a bank or other financial institution in which the financial transactions between the bank and a customer are recorded.

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Banking Regulation Act, 1949

The Banking Regulation Act, 1949 is a legislation in India that regulates all banking companies in India.

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Business Today (India)

Business Today is an Indian fortnightly business magazine published by Living Media India Limited, in publication since 1992.

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Chair (officer)

The chair, also chairman, chairwoman, or chairperson, is the presiding officer of an organized group such as a board, committee, or deliberative assembly.

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Chief executive officer

A chief executive officer (CEO) (chief executive (CE), or managing director (MD) in the UK) is the highest officer charged with the management of an organization especially a company or nonprofit institution.

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Digital wallet

A digital wallet, also known as an e-wallet or mobile wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services.

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Financial services

Financial services are economic services tied to finance provided by financial institutions.

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India

India, officially the Republic of India (ISO), is a country in South Asia.

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Jio Financial Services

Jio Financial Services Ltd. is an Indian financial services company, based in Mumbai, India that was originally a subsidiary of Reliance Industries (RIL). Jio Payments Bank and Jio Financial Services are Reliance Industries subsidiaries.

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Mukesh Ambani

Mukesh Dhirubhai Ambani (born 19 April 1957) is an Indian businessman and the chairman and managing director of Reliance Industries.

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Navi Mumbai

Navi Mumbai (previously New Bombay) is a planned city next to Mumbai (Bombay), located in the Konkan division of the western Indian state of Maharashtra, on the mainland of India.

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Payments bank

Payments banks are a new model of banks, conceptualised by the Reserve Bank of India (RBI), which cannot issue credit. Jio Payments Bank and Payments bank are Payments banks.

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Reliance Industries

Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai.

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Reserve Bank of India

The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system.

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State Bank of India

State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, Maharashtra. Jio Payments Bank and state Bank of India are banks based in Mumbai.

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Subsidiary

A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company, which has legal and financial control over the company.

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Unified Payments Interface

Unified Payments Interface, commonly referred to as UPI, is an Indian instant payment system as well as protocol developed by the National Payments Corporation of India (NPCI) in 2016. Jio Payments Bank and Unified Payments Interface are mobile payments in India.

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Vivek Bhandari

Vivek Bhandari is an Indian academic.

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References

[1] https://en.wikipedia.org/wiki/Jio_Payments_Bank

Also known as Jio Payments Bank Limited.