SBI ties up with Reliance Jio to accelerate digital transactions

SBI has joined hand with Reliance Jio to widen its digital customer base and to accelerate digital transactions. Under the partnership, SBI's YONO app will integrate with MyJio platform and Jio will offer special connectivity and devices solutions to SBI customers. Also, SBI customers will be able to get Jio Phones on special offers. However, there is no clarification about what kind of benefits will be provided under the 'special offers'.

"YONO’s digital banking features and solutions will be enabled through the MyJio platform for 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," said the SBI in a statement.

The release also said that Jio Prime customers of SBI will be offered additional loyalty reward earning opportunities.

"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," the release said.

The public sector bank will engage Jio as its preferred partners for providing network and connectivity solutions. The release said that the SBI will launch customer-centric services such as video banking and other on-demand services on Jio’s network.