RNFI Services Limited has announced its engagement as a Corporate Business Correspondent for Jio Payments Bank Limited. This collaboration, effective for five years, aligns with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) and was disclosed to the National Stock Exchange.
Key Highlights of the Agreement:
- Scope of Services:
- Identifying and onboarding potential customers.
- Promoting awareness regarding savings and other financial products.
- Facilitating banking transactions such as cash deposits, withdrawals, and account management.
- Supporting transactions via Aadhaar-enabled payment systems (AEPS), Bharat Bill Payment Systems, and more.
- Offering services like balance inquiries, interbank remittances, and cash management.
- Nature of Engagement:
- The agreement is categorized under the normal course of business.
- It is not a related party transaction.
- Duration and Consideration:
- The partnership spans five years and involves RNFI’s empanelment to extend services compliant with Reserve Bank of India (RBI) guidelines and other applicable laws.
This strategic tie-up reflects RNFI’s commitment to enhancing financial inclusion and offering seamless banking solutions through Jio Payments Bank’s extensive network.
