Jio Finance will offer UPI payments, bill payments, insurance advisory and digital banking. Eventually Jio Financial Services will offer credit products like loans against mutual funds, home loans and others to its customers through the app.
The net profit was Rs 294 crore in the preceding December quarter. For the full year ended March 2024, the financial services company s net profit grew multi-fold to Rs 1,604 crore as against just Rs 31 crore in FY23.
Shares of Jio Financial Services declined 3% ahead of Q4 results. Joint venture with BlackRock, Inc. aims to transform India’s asset management industry. Company demerged from Reliance Industries Ltd last year.
Other than Jio Financial, Adani Power, Indian Railway Finance Corporation, Power Finance Corporation, and REC have been included in the Nifty Next 50 index, while Adani Wilmar, Muthoot Finance, PI Industries, Procter & Gamble Hygiene & Health Care, and Shriram Finance have been excluded.