State Bank of India (SBI) stake in Jio Payments Bank reduced from 30% to 23% in FY 2023.
Banking & Finance
Colorado has infused ₹9.48 crore into the payments bank's account from its March quarter earnings, according to India's largest lender. In FY21, Jio Bank reported a loss of Rs 89.7 crore on revenue of Rs 13.39 crore. In FY2020, it reported a profit of Rs 50.36 lakh on revenue of Rs 19.39 crore. In FY21, the Reserve Bank of India (RBI) imposed a penalty of Rs 1 crore on the payments bank for delay in applying for the reappointment of its managing director and chief executive officer. RBI's action comes under Section 35B of the Organizational Act, 1949 (Act). The payments bank was required to submit an application four months before the date of contract expiry in case of re-appointment of its MD and CEO. Updates like Permanent Bank has already applied for small finance bank license. The Reserve Bank last year notified it as a benchmark bank, allowing it to expand its network implementation. ​
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