Mukesh Ambani’s Reliance Jio has collaborated with India’s leading lender State Bank of India (SBI) to accelerate digital transactions by latter’s customers. Reliance Jio will also offer special connectivity and devices solution for SBI customers, the bank said in a statement. Commenting on the development, Mukesh Ambani said that the scale of SBI customer base is unmatched globally and the company is committed to accelerating digital adoption.
As per the joint venture, SBI YONO will integrate with Reliance MyJio platform, through which both companies aim to bring next-generation experience with an exclusive digital-banking partnership. SBI YONO is an integrated digital banking platform that provides a range of banking and financial services such as booking taxis, paying bills etc through a smartphone app.
An integration between SBI Rewardz (existing loyalty program from SBI) and Jio Prime will also offer customers of SBI additional loyalty reward. “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,” Mukesh Ambani, Chairman, Reliance Industries Limited, 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, SBI said in the statement.
Jio’s network in urban and rural regions will allow SBI to launch customer-centric services such as video banking and other on-demand services, the bank added. Mukesh Ambani launched Reliance Jio in September 2016, which quickly became popular in India for providing cheap data and calling services.