• Source: Jio Financial Services

Jio Financial Services Ltd (JFSL) is an Indian financial services company, based in Mumbai. Originally a subsidiary of Reliance Industries (RIL), it was demerged as an independent entity and listed on the Indian stock exchanges in August 2023. The company provides financial services, including payment services and insurance broking. Its subsidiary Jio Finance holds an NBFC license from the RBI. Another subsidiary, Jio Payments Bank, is also a payments bank registered in India.




History


Jio Financial Services was initially a financial services subsidiary of Reliance Industries. In July 2023, it was spun-off via a demerger, with shareholders of Reliance Industries receiving one equity share of Jio Financial Services for every share they held in Reliance. Reliance Industries transferred Rs 15,500 crore of cash and liquid investments to Jio Financial Services as part of the demerger scheme. This gave Jio Financial Services a liquid asset base of Rs 20,700 crore.
JFSL was listed on the stock exchanges on August 21, 2023. Following the demerger and listing, JFSL was briefly a part of Nifty 50, BSE SENSEX and FTSE indices, but was removed from these indices over the following weeks as it did not meet their inclusion criteria.
In July 2023, JFSL entered the asset management company (AMC) business, by forming a 50:50 joint venture with BlackRock called Jio BlackRock. In April 2024, JFSL and BlackRock announced a partnership in wealth management and broking business.
In May 2024, JFSL launched JioFinance, an app with digital payments, loans and insurance offerings.




Controversies






= Related party transactions

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In 2024, Jio Financial Services established a subsidiary called Jio Leasing Services Ltd, an unrelated leasing services business. The subsidiary signed a $4.4 billion deal with another promoter-owned company, Reliance Retail for leasing routers. Some commentators saw this deal as a way to prop up the revenue of Reliance Retail.




References






External Links


Official website

Kata Kunci Pencarian:

• Reliance Industries
• Jio Financial Services
• Jio
• Jio Payments Bank
• Jio Platforms
• Reliance Retail
• Rajiv Mehrishi
• K. V. Kamath
• Reliance Industries
• Reliance Foundation
• List of largest companies in India