Jio Financial Services
Jio Financial Services Ltd is an Indian financial services company, based in Mumbai. Originally a subsidiary of Reliance Industries, 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 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.JFSL was listed on the stock exchanges on 21 August 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 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.