Reliance Jio, SBI enter into digital partnership

Mumbai: Reliance Jio and SBI are entering into a digital partnership aimed to increase SBI’s digital customer base multi-fold, the company announced on Thursday.

“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.

SBI YONO is an omni channel 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.

MyJio, one of India’s largest over-the-top (OTT) mobile applications will now bring in financial services capabilities of SBI and Jio Payments Bank, the company said.

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

Additionally, Jio Phones will be available on special offers for SBI customers.

Reliance Industries Chairman Mukesh Ambani, 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.”