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Jio Payments Bank is exploring a new feature that will automatically invest customers’ idle deposits into overnight mutual funds to generate higher returns reported PTI citing top executives. Jio Payments Bank To Allow Customers To Invest Idle Deposits  Speaking at the annual general meeting Hitesh Sethia managing director and CEO of Jio Financial Services noted that the company has already partnered with global players such as BlackRock in asset management and Allianz in insurance and will continue to pursue more “strategic tie-ups” to broaden its portfolio. As of June this year Jio Payments Bank was serving over 25 lakh customers with a deposit base of Rs 358 crore. Payments banks are primarily designed for payments and remittances and are subject to certain restrictions including a maximum deposit limit of Rs 2 lakh per customer. The Payments Bank is soon going to launch an innovative new product called Savings Pro which will bring to customers Indias first savings account that auto-invests idle cash in overnight mutual funds for better returns Sethia said. Also Read: Mukesh Ambani Isha Ambani’s BIG bet invests Rs 400000000000 to create Asias largest… eyes 20% growth over… Jio Payments Bank New Services Diversifying revenue streams is a focus for the payments bank Sethia said pointing out that services like Aadhaar-enabled payments domestic money transfers and B2B UPI will help in this aspect. JPB has been empanelled by the National Highways Authority of India as an acquirer bank for toll processing with a mandate to manage five National Highway toll plazas he said. Sethia said each of Jio Financial Services businesses is in a different stage of its lifecycle and the parent entity is focusing on unit economics to bring products and services which are relevant to Indian customers. Highlights Jio Payments Bank Unique Product Jio Payments new product on auto-invest Jio Payments Bank to auto invest clients ideal funds Jio Financial Services Blackrock He also affirmed to ensure that the company a spin-off from Reliance Industries grows responsibly under which every business is scaled within clearly laid-down risk and governance guardrails. Jio Credit the non-bank lending entity under JFS is now present in 11 cities and was managing Rs 11600 crore in assets as of June which included home loans loans against property and corporate loans.  Sethia also said that the parent company has successfully implemented a Single Customer View platform which gives an unified view of customers for enhanced insights and more effective engagement. (With Inputs From PTI)