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.
Jio Financial Q4 consolidated PAT rises 6% financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
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.
Shares of Mukesh Ambani s Jio Financial Services rallied 14.5% to a fresh peak of Rs 347, crossing the Rs 2 lakh crore market cap mark. Jio may acquire Paytm wallet business. Jio Payments Bank operates with digital savings accounts, bill payments, and debit cards. Jio launched Jio Voice box, implemented QR codes, and conducted sandbox for loans.
Jio Financial shares ended 14% higher on BSE on Monday following a media report stating that Jio has been in talks to buy the Paytm wallet business since November. Citing sources, the report had said as part of a larger bailout plan, Jio may offer to acquire Paytm Payments Bank.