Jio Financial Announces Ventures Under Lending, Insurance And Payments Business
Jio Financial Services also plans to launch debit cards soon.
Jio Financial Services Ltd. has announced new business ventures.
The company has different branches, including four existing businesses—Jio Finance Ltd., Jio Insurance Broking Ltd., Jio Payments Bank, and Jio Payments Solutions—as well as an investment holding company, Reliance Industrial Investment Holdings Ltd. and a proposed asset management joint venture with BlackRock.
Adopting a direct-to-customer approach, Jio Financial Services plans to foray into new ventures under the lending, insurance broking, payments bank and payment solutions businesses, according to the Q2 FY24 investor presentation.
Lending
The company has launched personal loans for salaried and self-employed individuals in the MyJio app in Mumbai. It has also launched a consumer durables loan across 300 stores in India.
It has both business and merchant loans in the pipeline. These include auto loans, home loans and loans against shares, according to the presentation.
Insurance Broking
Under this, Jio Financial has partnered with 24 insurance companies to offer products like life, general, health, auto, embedded, corporate solutions and employer-employee benefits.
Payments Business
The company has listed new ventures under both payments bank and payments solutions.
So far, it has launched the sound box in its pilot stage and also relaunched the bill payments and savings accounts business. It also plans to launch debit cards soon.
The company has an on-ground network of approximately 2,400 business correspondents, it said in the presentation.
Jio Financial Services is also developing a unified app to cater to the diverse financial needs of customers, the presentation said.
The company announced its Q2 FY24 earnings on Monday, where its net profit doubled to Rs 668.18 crore as of Sept. 30. The total income of the private lender stood at Rs 608.04 crore as of Sept. 30.
Reliance Industries Ltd. spun off its financial services business into Jio Financial Services. In August, the company was valued at over $19 billion, based mainly on its future potential.
In the annual general meeting, RIL Chairman Mukesh Ambani announced that Jio Financial Services would offer life, general and health insurance. Along with this, it would also foray into digital payments and retail lending.
