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Reliance Industries Limited has applied for a payments bank licence. RIL will be the promoter and State Bank of India will be the joint venture partner with equity investment of up to 30 per cent.
The payments bank will leverage SBI’s nationwide distribution network and risk management capabilities along with the substantial investments made by RIL in its retail and telecom businesses. It will deploy state-of-the-art technology, build scalable infrastructure and create extensive branch and business correspondent network in order to provide last-mile access and intuitive user experience to all sections of society.
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