CosmicTaco

RBI Approves Jio Financial Services' Conversion to Core Investment Company

CosmicTaco · 2024-07-12T16:27:51.356068+05:30

- The Reserve Bank of India (RBI) has approved Jio Financial Services Ltd's conversion from a non-banking financial company (NBFC) to a core investment company (CIC). - In November 2023, Jio Financial Services applied to the RBI for this conversion, aiming to meet the criteria of holding at least 90% of net assets in group companies' equity shares, bonds, and loans. - CICs are designed to support the financial stability of their group companies without posing systemic risks and must register with the RBI if they accept public funds. - Last month, Jio Financial Services launched the 'JioFinance' app in beta, integrating digital banking, UPI transactions, bill settlements, and insurance advisory features. - Jio Financial Services, spun out of Reliance Group, has seen stock rallies since August and announced a joint venture with BlackRock in April to offer wealth management and brokerage services in India. Source: Your Story

The Reserve Bank of India (RBI) has approved Jio Financial Services Ltd's conversion from a non-banking financial company (NBFC) to a core investment company (CIC).
In November 2023, Jio Financial Services applied to the RBI for this conversion, aiming to meet the criteria of holding at least 90% of net assets in group companies' equity shares, bonds, and loans.
CICs are designed to support the financial stability of their group companies without posing systemic risks and must register with the RBI if they accept public funds.
Last month, Jio Financial Services launched the 'JioFinance' app in beta, integrating digital banking, UPI transactions, bill settlements, and insurance advisory features.
Jio Financial Services, spun out of Reliance Group, has seen stock rallies since August and announced a joint venture with BlackRock in April to offer wealth management and brokerage services in India.

Source: Your Story

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