Jio Payments Bank Introduces UPI-based Cash Withdrawal Services

Jio Payments Bank Limited (JPBL), a wholly-owned subsidiary of Jio Financial Services Limited has introduced UPI-based cash withdrawal through its Business Correspondent (BC) touchpoints, marking an important step towards strengthening India’s digital payments ecosystem and advancing financial inclusion in the country.

The feature enables customers, particularly in rural and semi-urban areas, to conveniently withdraw cash by simply scanning a UPI QR code and authorizing the transaction through their UPI application, eliminating the need for debit cards or access to traditional ATM infrastructure.

By enabling cardless cash withdrawals at BC touchpoints, the initiative bridges the gap between digital payments and physical cash access, while providing first-time digital users with an assisted and secure way to experience UPI transactions.

Through this initiative, JPBL continues to leverage the digital payments infrastructure and its last-mile BC network to expand accessible banking services, strengthen UPI's reach among cash-dependent segments, and enhance financial inclusion across rural and semi-urban India.

About Jio Payments Bank Limited

Jio Payments Bank Limited (JPBL) is a next-generation, digital-first bank committed to revolutionizing banking in India. Granted approval by the Reserve Bank of India under the Banking Regulation Act, 1949, JPBL was incorporated in November 2016 to offer secure, simple, and inclusive banking solutions for every Indian. Its suite of offerings is designed to meet the diverse financial needs of individuals and businesses alike.

About Jio Financial Services Limited:

Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC) registered with the Reserve Bank of India. As a new-age institution, JFSL operates a full-stack financial services ecosystem through customer-facing subsidiaries, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited.

Through a 50:50 joint venture with BlackRock, JFSL offers asset management services in India through Jio BlackRock Asset Management Private Limited; and wealth management through Jio BlackRock Investment Advisers Private Limited. The JV with BlackRock also proposes to offer broking services through Jio BlackRock Broking Private Limited.

JFSL has entered into a 50:50 joint venture with the Allianz Group and has set up Allianz Jio Reinsurance Limited to offer reinsurance services in India. The two entities have also signed a non-binding agreement to explore opportunities in general and life insurance.

With a digital-first model, JFSL is committed to enhancing the financial well-being of Indian citizens by enabling them to borrow, transact, save, and invest seamlessly. Through the JioFinance app, customers can access a wide range of solutions including loans, savings accounts, investment products and solutions, UPI, bill payments, recharges, digital insurance, financial tracking and management tools, and more.

For more updates, please visit www.jfs.in

HCLTech and Thought Machine Forge Global Alliance to Accelerate AI-Powered Banking Transformation

HCLTech, a leading global technology company, today announced a global partnership with Thought Machine, a pioneer in cloud native banking technology, to accelerate the modernization of banks worldwide. The partnership aims to enable banks to rapidly transition from legacy systems and frameworks to intelligent, autonomous financial institutions powered by AI and cloud technologies.

Thought Machine’s Vault platform — next-generation core banking and payments technology — will be at the core of this transformation. By replacing outdated infrastructure with Vault’s cloud native architecture, banks can automate key operations, enhance efficiency and deliver personalized customer experiences. HCLTech will bring its deep expertise in banking technology, regulatory compliance and complex integrations to support rapid innovation and faster product launches.

As part of the partnership, HCLTech will offer full-stack transformation services through Vault-certified delivery teams, global fintech Centers of Excellence (CoEs) and a robust DevSecOps foundation. The company will also establish a dedicated global CoE for Vault Core and Vault Payments, focused on delivering modular, real-time and scalable solutions for the financial services sector. The joint offering will enable banks, whether established institutions or new challengers, to build agile, resilient and future-ready ecosystems rooted in AI-led strategies.

“Our global partnership with HCLTech marks a significant step in helping banks break free from legacy constraints and adopt truly digital-first models,” said Randy McFarlane, Global Head of Partnerships at Thought Machine. “Together, we will deliver intelligent, self-optimizing systems that evolve with customer needs.”

“This collaboration reflects our vision to lead the future of autonomous banking through cloud, data and AI,” said Sudip Lahiri, Executive Vice President and Head—Europe and UKI, Financial Services, HCLTech. “By joining forces with Thought Machine, we will help banks unlock exponential value, reduce operational friction and accelerate time to market.”

About Thought Machine

Thought Machine has developed the foundations of modern banking with its cloud-native core banking and payments technology. Its cloud-native core banking platform, Vault Core, is trusted by leading banks and financial institutions worldwide, including Intesa Sanpaolo, ING Bank Śląski, Lloyds Banking Group, Standard Chartered, SEB, Lunar, Atom bank, Curve, and more.

Vault Payments is a cloud-native payments processing platform – comprising a Universal Payment Engine to support all card and account-to-account payment types.

Vault Core and Vault Payments have been written from scratch as an entirely cloud-native system, giving banks full control to build any product required to flourish in a rapidly changing world.

Thought Machine is a global team spread across offices in London, New York, Singapore, and Sydney and has raised more than $500m in funding.

For more information, visit thoughtmachine.net