Business Business: Mukesh Ambani’s Jio Financial Services got tremendous success. In fact, its subsidiary Jio Payment Solutions Limited (JPSL) has informed the exchanges that it has received approval from the Reserve Bank of India (RBI) to act as an online payment aggregator. Amid this news, investors stormed the shares of Jio Financial, pushing the price up by 2%. During trading, the stock price reached the level of Rs 325.75. Let us tell you that the highest price of the stock in the last 52 weeks is Rs 395.
This approval comes at a time when leading fintech firm Paytm is facing regulatory action from the RBI. In this environment, Jio has an opportunity to gain share in the digital financial services market. Let us tell you that Jio Payment Bank is a part of Jio Financial Services. We currently offer digital savings accounts and physical debit cards with biometric authentication. It has more than 1.5 million active users.
Recently, Jio Financial Services announced the release of a new and improved Jio Finance app. The beta version of this program was released on May 30, 2024. Jio Finance Limited, a non-banking finance company (NBFC) under Jio Financial Services, announced that it is in the final stages of launching a home loan service. It started as a trial (beta version). The company also plans to launch other products such as real estate-backed loans and securities-backed loans.
Jio Financial Services’ profit rose 3% to Rs 689 crore in the second quarter ended September 2024. The company had earned Rs 668 crore in the same period last year. Total revenue for the quarter rose to Rs 694 million. It was 680 million tomans in the same period last year. However, total costs doubled to Rs 146 million from Rs 71 million in the same period last year.
