Jio Financial Services has announced the entry of the JioFinance app in the French capital, Paris. “To make it convenient for Indian travellers to transact digitally, JioFinance will enable international payments for buying tickets to visit the Eiffel Tower through its official website, La Tour Eiffel; as well as for in-store shopping at the iconic Parisian department store, Galeries Lafayette Paris Hausmann,” the company said in a release.
The JioFinance app can also be experienced through a dedicated experience centre inside ‘India House’, which has been conceptualised by Reliance Foundation, in partnership with the Indian Olympic Association. India House is said to be a showcase of India’s rich heritage and legacy to the world, and a home away from home for Indian athletes and visitors in Paris at this time.
Visa is the official payments partner of the Olympic Games Paris 2024, and in partnership with Visa , JioFinance also has a presence at India House.
“JioFInance offers its users modern, seamless features such as instant UPI payments, a fully digital bank account, wallet services, bill payment and recharges, rewards, insurance broking and a single-window view of an individual’s holding across bank accounts,” added the company’s statement.
JioFinance gets RBI approval as core investment company
Last month, Jio finance received approval from the Reserve Bank of India (RBI) to convert from a non-banking financial firm to a core investment company (CIC). This comes after the company submitted an application to the RBI in November 2023 to convert its status from an NBFC to a Core Investment Company.
A core investment company, as defined by the RBI, engages in the acquisition of shares and securities. It must have an asset size exceeding Rs 100 crore and maintain at least 90% of its net assets in the form of investments in equity shares, preference shares, bonds, debentures, or loans in group companies. Additionally, its investments in equity shares of group companies must constitute no less than 60% of its net assets, as per RBI circular guidelines.
