SBI YONO to integrate with Reliance MyJio platform
Jio Prime to accelerate digital transactions by SBI customers
Jio to offer special connectivity and devices solutions for SBI customers
Mumbai, 7nd August 2018: Post operationalization of Jio Payments Bank (a 70:30 JV between RIL and SBI) Jio and SBI are deepening their partnership to bring next generation bilateral frictionless experience with exclusive digital Banking, Payments and Commerce journeys for their customers.
Jio and SBI are entering into a digital partnership aimed to increase SBI’s digital customer base multi-fold. SBI YONO is a revolutionary omni channel platform offering digital banking, commerce and financial superstore services to customers. YONO’s digital banking features and solutions will be enabled through the MyJio platform for a seamless, integrated and superior customer experience. MyJio, one of India’s largest over-the-top (OTT) mobile applications will now 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. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants. In addition, with an integration between SBI Rewardz (existing loyalty program from SBI) 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 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. Additionally, Jio Phones will be available on special offers for SBI customers.
Speaking on the partnership, Mr. 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.”
Mr. Mukesh D. 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.”
About Reliance Industries Ltd:
Reliance Industries Limited (“RIL”) is India’s largest private sector company, with a consolidated turnover of INR 430,731 crore ($ 66.1 billion), cash profit of INR 56,034 crore ($ 8.6 billion), and net profit of INR 36,075 crore ($ 5.5 billion) for the year ended March 31, 2018.
RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’ - currently ranking 148th in terms of revenues and 99th in terms of profits, the most profitable Indian company on the list. The company stands 83rd in the ‘Forbes Global 2000’ rankings for 2018 – the top-most among Indian companies. It ranks amongst LinkedIn’s ‘Top Companies Where India Wants to Work Now’ (2018). RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
About Reliance Jio Infocomm Limited:
Reliance Jio Infocomm Limited (“Jio”), a subsidiary of Reliance Industries Limited (“RIL”), has built a world-class all-IP data strong future proof network with latest 4G LTE technology. It is the only network conceived and born as a Mobile Video Network from the ground up and supporting Voice over LTE technology. It is future ready and can be easily upgraded to support even more data, as technologies advance on to 5G, 6G and beyond.
Jio will bring transformational changes in the Indian digital services space to enable the vision of Digital India for 1.2 billion Indians and propel India into global leadership in digital economy. It has created an eco-system comprising network, devices, applications and content, service experience and affordable tariffs for everyone to live the Jio Digital Life. As part of its customer offers, Jio has revolutionised the Indian telecom landscape by making voice calls for Jio customers absolutely free, across India, to any network, and always. Jio makes India the highest quality, most affordable data market in the world so that every Indian can do Datagiri.
About SBI:
SBI is India’s largest bank, with 22,414 branches in India, 206 international offices in 35 countries and approx. 424 million active customer accounts as of March 31, 2018. The Bank had deposits, net advances and total assets base of 27, 06,343 crores, 19, 34,880 crores and 34, 54,752 crores, respectively, as of March 31, 2018, the largest by each measure among banking institutions in India.
In order to expand its distribution network, SBI has tied up with over 58,274 business correspondents all over the country. SBI recently launched SBI YONO across the country as part of a pioneering programme to offer next generation banking services to India’s growing mobile phone and tech-savvy customer base.