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Talwar Thakore Associates (TTA) has advised Reliance Industries (RIL) on a joint venture agreement to set up a payments bank with State Bank of India (SBI) on 30 June, in which RIL will hold a 70 per cent stake.

SBI was represented by Cyril Amarchand Mangaldas (CAM).

The original team working on the deal was led by former partners Ashwath Rau and Anu Tiwari, but Rau and Tiwari’s departure to AZB & Partners, they were replaced on the deal by CAM partner Indranath Bishnu.

The TTA team was led by partners Feroz Dubash and Sonali Mahapatra and managing associates Shruti Zota and Neville Golwalla and associate Kanwardeep Singh. On the competition side, Vinod Dhall, managing associate Ram Kumar and associates Avinash Amarnath and Mansi Tewari were involved.

“The Reserve Bank of India (RBI) last year gave in-principle approval to 11 entities, including RIL, to open payments banks that will widen the reach of banking services and push the government’s goal of financial inclusion,” reported Mint , to provide basic savings, deposit, payment and remittance services to people without access to the formal banking system.

“By combining RIL’s technology, last mile reach and distribution through RIL’s telecom and retail initiatives and SBI’s banking expertise in offering financial services to millions of retail consumers and small enterprises across the country, the payments bank will work toward digitizing payments and promoting digital savings and investments products by creating a cash-less society,” RIL said.