SBI, Reliance Jio extend partnership; lender to provide digital banking on MyJio app
Reliance Industries and State Bank of India, which partnered for the Jio Payments Bank, are entering into yet another digital partnership aimed to increase SBI’s digital customer base. Yono, SBI’s omni-channel platform offering for digital banking and commerce will integrate with MyJio.
This integration will bring together the financial services capabilities of SBI and Jio Payments Bank.
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 (SBI's existing loyalty programme) 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. SBI will also engage Jio as one of its preferred partners for designing and providing network and connectivity solutions.
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 enhancing the digital foot-print for SBI customers with superior and rewarding customer experiences.”
Mukesh 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.”
In November last year, SBI launched Yono, its integrated omni-channel digital platform that offers all financial services. Further, in April this year, news reports said Reliance Jio has reached a user base of 186.6 million in India. It also stated that it had added more than 25 million subscribers in the fourth quarter of FY 18.
During the same announcement, Reliance Jio had stated that its Average Revenue Per User (ARPU) stood at Rs 137.1 a month, with average data consumption per user every month standing close to 9.7 GB.
The company also slated net profit of Rs 510 crore, according to its latest earning report.