Mukesh Ambani’s company Jio Financial Services achieved a significant milestone as its subsidiary Jio Payment Solutions Limited (JPSL) has received approval from the RBI to operate as an online payment aggregator.
Good news has arrived for billionaire businessman Mukesh Ambani as his company, Jio Financial Services, achieved a major milestone ahead of Diwali. Jio Payment Solutions Limited (JPSL) informed stock exchanges that it has received the green light from the Reserve Bank of India (RBI) to operate as an online payment aggregator. As soon as this news was out, investors flocked to Jio Financial’s stock, pushing its price up by 2 percent, with the trading price reaching Rs 325.75 in no time.
Expansion Opportunities
It is worth noting that, Reliance has received approval from RBI when major fintech company Paytm is facing regulatory action from the regulatory body. Jio gets the opportunity to gain a share in the digital financial services market. Notably, Jio Payments Bank, which is a part of Jio Financial Services, currently offers digital savings accounts with biometric authentication and physical debit cards, boasting over 1.5 million active users.
Jio Finance App
Recently, Jio Financial Services launched its new and improved Jio Finance app. The beta version of the app was released on May 30, 2024. Jio Finance Limited revealed that it is in the final stages of launching a home loan service and currently testing the beta version. Additionally, the company plans to introduce other products such as loans against property and loans against securities.
September Quarter Results
Jio Financial Services ended the second quarter of September 2024 with a slight but notable increase in profits, recording Rs 689 crore – a 3 percent rise from Rs 668 crore in the same timeframe the previous year. With an impressive financial performance, the firm’s total income also swelled to Rs 694 crore, a leap from last year’s Rs 608 crore in the same quarter. However, the financial year wasn’t without its share of challenges, as total expenses astonishingly doubled, reaching Rs 146 crore, up from Rs 71 crore in the same quarter of last year.