Jio Financial Limited (JFL), the financial services arm of Reliance Industries Ltd., is in the final stages of launching its home loan products, currently being rolled out in beta mode, according to the company’s management at its first annual general meeting post-listing on the stock exchanges in August 2023. The non-banking financial company (NBFC) is also preparing to introduce loans against property and securities.
The company has already launched secured lending products, including supply chain financing, loans on mutual funds, and enterprise solutions for device financing. JFL’s JioFinance app, which debuted in beta mode on May 30, 2024, has already surpassed 1 million downloads, the company informed.
Also, Jio Payments Bank, a subsidiary, has crossed 1 million CASA customers, which is providing digital banking solutions to retail customers and small businesses.
JFL’s joint venture with BlackRock, announced in July 2023, is also progressing, which with $150 million in initial investment from each partner, is looking to expand investment products, with key leadership identified and the tech infrastructure and go-to-market strategy in advanced stages, the company said.
On the insurance front, Jio Insurance Broking Limited (JIBL), has partnered with 31 leading private and public sector insurance companies, and is offering insurance products through the JioFinance app. JIBL is also providing embedded insurance for white goods at the point of sale and extended warranties for consumer durables and mobiles.
Earlier this week, the company had said that it has received approval to raise its foreign investment limit to 49%. Currently, foreign investors hold 17.55% of the company’s shares.
During the first quarter ended June 30, 2024, the company’s net profit had fallen 6% to Rs 313 crore down from Rs 332 crore in the corresponding quarter a year ago.
Shares of JFL fell 1.21% to Rs 321.75 on the BSE, even as the benchmark index gained 0.28%.
