Reliance Jio announced its new partnership with State Bank of India (SBI) aimed to increase SBI’s digital customer base.
Reliance Jio, the third largest telecom operator in India, and SBI has already floated a 70-30 joint venture called Jio Payments Bank.
The 4G operator said SBI YONO platform — enabled through the MyJio platform — will be offering digital banking, commerce and financial services to customers.
MyJio, one of India’s largest over-the-top (OTT) mobile applications, will bring in financial services capabilities of SBI and Jio Payments Bank.
Reliance Jio and SBI customers will benefit from Jio Prime, a consumer engagement and commerce platform from Reliance.
Jio Prime will offer deals from Reliance Retail, Jio, partner brands and merchants. Besides, SBI customers 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 be engaging Reliance Jio, the largest 4G operator in India, as one of its preferred partners for designing and providing network and connectivity solutions.
In addition, SBI will use Jio’s network in urban and rural regions to launch customer centric services such as video banking and other on-demand services. JioPhones will be available on special offers for SBI customers.