Jio Payments Bank

The acquisition is subject to the approval of the RBI and is expected to be completed within 45 days post receipt of RBI approval

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The move is part of Jio Financial Services' plan to broaden its presence in the financial services industry, including asset and wealth management

The company subscribed to 6.8 crore equity shares of Jio Payments Bank for its business purposes

The 3 approvals issued to Orbit Connect India come as cos from Amazon.com to Musk's Starlink vie for the go-ahead to launch satellite communication services in the country

Macquarie report says the fintech firm could face headwinds with the entry of Jio Financial Services, which may focus on consumer and merchant lending, the mainstay of Paytm's business

Sources in the know say that this 70 per cent stake held by RIL will be transferred to JFS. SBI will continue to own the rest of the 30 per cent in RPB

SBI Cards and Payment Services (SBI Card) on Wednesday said it is available on the Jio Pay service

Action was based on the deficiencies in regulatory compliance, says central bank.

Telecom major Bharti Airtel was the first to begin payment bank services in November 2016