In a major development, RNFI Services Limited has been appointed as a Corporate Business Correspondent for Jio Payments Bank Limited. This strategic partnership marks a significant milestone in RNFI Services’ growth, enabling the company to expand its footprint in the Indian banking sector. As part of this agreement, RNFI will facilitate a broad array of banking services across the country, contributing to Jio Payments Bank’s mission to bring accessible financial services to underserved communities. The Corporate Business Correspondent role encompasses several essential services, including cash management, account openings, and AEPS services (Aadhaar Enabled Payment Services), to name a few.

Scope of Services and Responsibilities

As a Corporate Business Correspondent, RNFI Services will be responsible for recognizing potential customers who can benefit from Jio Payments Bank’s services. The company's duties will include raising awareness about various financial products, helping customers process and submit applications, and facilitating transactions like cash deposits and withdrawals. Additionally, RNFI will play a key role in facilitating banking transactions through various methods such as Aadhaar Pay and bill payments via Bharat Bill Payment Systems. This will ensure smooth operations for Jio Payments Bank’s customers, whether it’s interbank or intrabank remittances or routine banking tasks.

The services provided by RNFI will also include Aadhaar to Aadhaar remittances, a feature that is gaining traction in the Indian market due to its ease of use and security. RNFI's role as a business correspondent will contribute significantly to financial inclusion, allowing more people, especially in rural areas, to access banking services. This development is also expected to boost Jio Payments Bank’s market penetration across India.

Agreement Details

The agreement between RNFI Services and Jio Payments Bank has been structured for a period of 5 years, offering ample time for both parties to achieve the mutual goals of providing comprehensive financial services. Under the terms of this agreement, RNFI Services will be tasked with ensuring compliance with all applicable laws and regulatory frameworks. This ensures that every step of the process from account opening to remittance follows the strictest standards set by the Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI).

The total value of this contract, while not disclosed in full, is a significant one, considering the scale of operations that RNFI Services will be supporting. This is a strategic move for both companies as they work together to expand access to essential banking services in India.

Impact and Market Potential

This move is not just a significant business opportunity for RNFI Services Limited, but it also marks an important shift in the Indian banking landscape. As more people rely on digital payments and mobile banking, partnerships like this are becoming crucial in making banking services more accessible, especially in rural and semi-urban areas. By appointing RNFI Services as a corporate business correspondent, Jio Payments Bank is positioning itself as a leader in financial inclusion.

For RNFI Services, this partnership could be a game-changer. Not only does it solidify their role in the banking services sector, but it also opens the door for future collaborations and expansion into other banking areas, including loan servicing and insurance distribution. Their ability to provide these services aligns with the growing trend of banking on the go, which is transforming the way customers interact with financial institutions.

Regulatory Compliance

As per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, RNFI Services has disclosed this development to the stock exchange. The disclosure includes all necessary details about the agreement with Jio Payments Bank, following the guidelines issued by SEBI on July 13, 2023. This ensures that the public shareholders and investors are kept informed about any material business changes that might affect the company's performance or stock value.

The agreement is in compliance with all SEBI and RBI regulations, ensuring that RNFI Services' operations as a Corporate Business Correspondent adhere to industry standards and legal requirements. This is crucial as the financial services industry in India is tightly regulated, and such compliance ensures transparency and trust among investors and customers alike.

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