Reliance Industries' payments bank venture Jio Payments Bank started commercial operations from Tuesday, the Reserve Bank of India (RBI) said in a statement.

Reliance Industries was one of the eleven applicants who were issued in-principle approvals by the regulator to set up payments banks back in 2015.

Jio Payments Bank is a joint venture between Reliance Industries, which owns 70 percent, and the country's largest lender State Bank of India, which owns 30 percent.

Sunil Bharti Mittal-led Bharti Airtel became the first of the approved applicants to start commercial operations when it did so in November 2016.

Paytm Payments Bank, which is promoted by Paytm promoter Vijay Shekhar Sharma, FINO Payments Bank, and Aditya Birla Idea Payments Bank have also started commercial operations.

Payments banks are being pushed by the RBI to improve financial inclusion through services like small savings accounts, payment or remittance services to migrant labourers, low income households, small businesses and unorganised businesses, among others.

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