After working together on Jio Payments Bank, Reliance Jio and the State Bank of India have decided to widen the scope of their partnership to online banking services and loyalty programmes. The biggest commercial bank in India and the telecom disruptor announced plans to extend their digital partnership to widen the former's customer base multi-fold and extend additional benefits to members of their loyalty programmes. The impact of the deal will be seen on customers of SBI, Reliance Jio and Jio Payments Bank.
Under the deal, Reliance Jio will integrate SBI YONO platform onto its MyJio mobile application. SBI YONO is an omni-channel platform which offers digital banking, commerce and financial services at one place. All these features of SBI YONO can be accessed through the MyJio application once the MoU between the two entities is implemented.
Jio and SBI customers will benefit from Jio Prime, the customer loyalty programme by the Reliance Industries' telecom arm. Jio Prime will offer exclusive deals from Reliance Retail, Jio, partner brands and merchants. As part of the deal, Jio Prime will be integrated with SBI Rewardz, SBI's loyalty programme, to offer additional loyalty reward earning opportunities to SBI customers as well as broader redemption within Reliance, Jio and other online and physical partner ecosystems.
SBI will also engage Reliance Jio as a preferred partner for designing and providing network and connectivity solutions, a joint statement by the two parties said. SBI is looking to utilise Jio's extensive network in rural and urban circles to facilitate services like video banking and other on-demand services.
"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," SBI Chairman Rajnish Kumar said while commenting on the agreement between SBI and Jio.
"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," said Reliance Industries Chairman Mukesh Ambani after the deal was signed.
Earlier this year in April, Reliance Industries and SBI entered into a 70:30 joint venture to form the Jio Payments Bank.
Edited by Vivek Punj