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Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
Payments banks are expecting to get the rights to offer small-ticket loans sometime soon, according to an industry source familiar with the matter. The industry has been in talks with the Reserve Bank of India (RBI) for some time in seeking lending rights.
Jio Financial Share Price: The reaction to the Q4 earnings can be seen today when the stock rose and hovered near its 52-week high of Rs 384.
The net profit was Rs 294 crore in the preceding December quarter. For the full year ended March 2024, the financial services company's net profit grew multi-fold to Rs 1,604 crore as against just Rs 31 crore in FY23.
Shares of Jio Financial Services declined 3% ahead of Q4 results. Joint venture with BlackRock, Inc. aims to transform India’s asset management industry. Company demerged from Reliance Industries Ltd last year.