Mumbai, Reliance Industries on Thursday said that its telecom subsidiary Jio has entered into an MoU with State Bank of India (SBI) to deepen their digital partnership.
According to a company statement, the MoU is about the larger digital partnership which looks beyond the Jio Payments Bank which is a joint venture between RIL and SBI.
Further, it aims to increase the lending major’s digital customer base multi-fold.
Accordingly, the omni channel platform SBI YONO’s digital banking features and solutions will be enabled through the MyJio platform for a seamless, integrated and superior customer experience.
Besides, MyJio, one of India’s largest over-the-top (OTT) mobile applications will bring in 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,” the statement said.
“Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants. In addition, with an integration between SBI Rewardz 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.”
As per the statement, SBI will be engaging Jio as one of its preferred partners for designing and providing network and connectivity solutions.
“Jio’s highest quality network in urban and rural regions will allow SBI to launch customer centric services such as video banking and other on-demand services,” the statement said.
“Additionally, Jio Phones will be available on special offers for SBI customers.”
Speaking on the partnership, Reliance Industries Chairman Mukesh D. Ambani was quoted as saying in the statement: “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.”
On the bank’s part, SBI Chairman Rajnish Kumar 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.”