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Jio Payments Bank Limited (JPBL) traces its origins to the Reserve Bank of India's regulatory push for financial inclusion, with its parent, Reliance Industries, receiving an in-principle license for a payments bank on August 19, 2015. The institution was incorporated in November 2016 as a public limited company, established as a strategic joint venture with the State Bank of India (SBI) holding a nearly 18% stake. JPBL officially commenced operations on April 3, 2018, becoming the sixth entity in India to join the nascent 'payments bank' segment.

As an unlisted public limited company, Jio Payments Bank operates as an active subsidiary of Jio Financial Services Limited (JFSL), a public entity that was demerged from Reliance Industries in 2023. Its significance in the Indian financial system lies in its foundational regulatory structure as a payments bank, which is mandated to promote digital financial inclusion by offering services like savings accounts and remittances, while being legally prohibited from extending credit or issuing loans. Leveraging the vast customer ecosystem of its parent group, JPBL is positioned to digitise payments and cater to the underserved segments of the market, making it a key corporate player in the evolution of India's technology-driven, limited-scope banking model.