Jio Payments Bank Limited (JPBL) has entered into a strategic partnership with the fintech platform Ezeepay to act as its Business Correspondent (BC) across India. This collaboration aims to bridge the last-mile gap in digital banking by providing essential financial services through local merchant outlets in rural and semi-urban regions. By leveraging Ezeepay’s extensive network, the bank seeks to enhance financial inclusion and simplify banking for underserved communities.
Strategic Collaboration for Financial Inclusion
The partnership between Jio Payments Bank and Ezeepay is designed to address the challenges of accessing formal banking in remote areas. Under this arrangement, Ezeepay will utilize its vast network of local merchants and shopkeepers to serve as banking touchpoints. These agents, acting as Business Correspondents, will provide a branchless banking experience, allowing customers to perform transactions without having to travel long distances to physical bank branches.
This initiative aligns with the Reserve Bank of India (RBI)‘s vision of expanding financial reach. By integrating JPBL’s digital infrastructure with Ezeepay’s physical presence, the collaboration offers a secure and convenient platform for rural citizens to engage with the formal economy.
Expanding the ‘Phygital’ Banking Footprint
The collaboration focuses on a phygital approach, combining physical touchpoints with digital technology. Ezeepay’s network, which covers more than 12,000 PIN codes across India, provides the necessary physical infrastructure for this expansion. Through these authorized merchant outlets, customers can access a variety of essential banking services.
Key services offered through the Ezeepay network include:
- Cash Withdrawals and Deposits: Facilitated through the Aadhaar Enabled Payment System (AEPS), allowing customers to use their biometric data for secure transactions.
- UPI-based Cash Withdrawals: A cardless withdrawal facility where customers can scan a QR code at the merchant point to receive cash, following RBI guidelines for enhanced digital convenience.
This model is particularly effective in regions where ATM penetration is low and traditional banking infrastructure is sparse.
Understanding the Business Correspondent Model
The Business Correspondent (BC) model was introduced by the Reserve Bank of India in 2006 to promote financial inclusion. BCs are retail agents engaged by banks to provide banking services at locations other than a bank branch or ATM. They act as intermediaries between the bank and the customer, performing various roles such as:
- Collecting and preliminary processing of loan applications.
- Opening savings accounts and other deposit products.
- Processing small-value transactions like deposits and withdrawals.
- Educating customers about financial products and managing their savings.
This model allows banks to expand their reach significantly without the high cost of setting up and maintaining physical branches in every village.
About Jio Payments Bank and Ezeepay
Jio Payments Bank Limited (JPBL) is a digital-first bank headquartered in Navi Mumbai, Maharashtra. It commenced its operations in April 2018 after receiving a payments bank license from the RBI. Originally a joint venture between Reliance Industries Limited and the State Bank of India (SBI), the bank became a wholly-owned subsidiary of Jio Financial Services in June 2025 after the latter acquired SBI’s stake. The bank is currently led by Vinod Easwaran, who serves as the Managing Director and CEO.
Ezeepay, operating under MJ Digital Services Private Limited, is a fintech startup founded in 2018 by Shams Tabrej. The company is dedicated to providing financial inclusion services in rural India. Headquartered in Noida, Uttar Pradesh, Ezeepay leverages its extensive network of agents to provide branchless banking, digital payments, and other financial services to underserved populations.
Significance for Last-Mile Connectivity
The partnership is a significant step towards achieving total financial inclusion in India. By utilizing the existing network of local shops, Jio Payments Bank can reach customers who are often excluded from the formal banking system due to geographical or technical barriers. The use of Aadhaar Enabled Payment System (AEPS) and UPI-based cash withdrawals ensures that even those without traditional debit cards or smartphones can access their money safely.
This collaboration also supports the government’s Digital India mission by promoting digital literacy and electronic transactions in rural areas. It empowers local entrepreneurs by allowing them to earn additional income through banking services, while simultaneously strengthening the rural economy through improved cash flow and accessibility.
Key Takeaways
- Jio Payments Bank Limited (JPBL) has partnered with the fintech firm Ezeepay to serve as its Business Correspondent (BC).
- The collaboration aims to expand last-mile digital banking in rural and semi-urban India using local merchant outlets.
- Ezeepay’s network covers more than 12,000 PIN codes across the country, providing a physical foundation for digital services.
- Customers can access services like cash withdrawals and deposits via the Aadhaar Enabled Payment System (AEPS) and UPI-based QR codes.
- Jio Payments Bank, headquartered in Navi Mumbai, became a wholly-owned subsidiary of Jio Financial Services in June 2025.
- The Business Correspondent model was first introduced by the RBI in 2006 to promote financial inclusion.
