Jio Financial Services Ltd (JFSL) is an Indian financial services company, based in Mumbai. Originally a subsidiary of Reliance Industries (RIL), it was demerged as an independent entity and listed on the Indian stock exchanges in August 2023.[3] The company provides financial services, including payment services and insurance broking.[4][5] 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,[3] with shareholders of Reliance Industries receiving one equity share of Jio Financial Services for every share they held in Reliance.[6] Reliance Industries transferred inr 155000000000 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 inr 207000000000.[7]
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.[8][9][10]
In July 2023, JFSL entered the asset management company (AMC) business, by forming a 50:50 joint venture with BlackRock called Jio BlackRock.[11] In April 2024, JFSL and BlackRock announced a partnership in wealth management and broking business.[12]
In May 2024, JFSL launched JioFinance, an app with digital payments, loans and insurance offerings.[13]
In March 2026, the reinsurance service “Allianz Jio Reinsurance Limited,” operated jointly with Allianz, began operations.[14]
Controversies
Related party transactions
In 2024, Jio Financial Services established a subsidiary called Jio Leasing Services Ltd, an unrelated leasing services business.[15] The subsidiary signed a $4.4 billion deal with another promoter-owned company, Reliance Retail for leasing routers.[16]
External links
- Official website
References
- Anshika Kayastha. After loans against MFs, Jio Financial eyes LAP, loans against securities Mint, 15 July 2024, retrieved 27 September 2024^
- Jio Financial Services shares: JFS arm gets CARE's stable rating on bank facilities Business Today, 1 July 2024, retrieved 27 September 2024^
- Ankit Gohel. Jio Financial Services to be listed on stock exchanges on August 21 mint, 18 August 2023^
- Banking & Financials: Jio Financial Services: Decoding the unknown indiainfoline.com^
- Jio Financial Services to provide simple, affordable solutions: Mukesh Ambani Business Today, 6 August 2023^
- Ujjval Jauhari. Reliance demerger: Jio Financial Services valued at ₹261.85 mint, 2023-07-20, retrieved 2024-02-16^
- Reliance Industries shifts Rs 15,500 crore to Jio Financial Services 24 July 2023^
- Jio Financial Services to be removed from BSE Indices from September 1 Moneycontrol, 31 August 2023, retrieved 2024-02-17^
- Livemint. Why Jio Financial Services shares are hitting lower circuit everyday - Explained mint, 2023-08-24, retrieved 2024-02-16^
- The index fund attack on Jio Financial Services is over. Almost. Finshots, 2023-09-04, retrieved 2024-02-16^
- KS Badri Narayanan. Interesting times ahead for AMC business with the entry of Jio BlackRock BusinessLine, 4 August 2023^
- Manish Singh. Jio Financial, BlackRock to tap India's wealth management market TechCrunch, 15 April 2024, retrieved 27 September 2024^
- Manish Singh. Ambani fires opening salvo in Indian fintech race with JioFinance TechCrunch, 2024-05-30, retrieved 2024-06-01^
- Allianz Jio Reinsurance Limited commences operations Allianz.com, retrieved 2026-04-09^
- Jio Financial Service to enter equipment leasing segment India Infoline, retrieved 27 June 2024^
- Jio Financial Services arm plans Rs 36K crore deal with Reliance Retail Business Standard, retrieved 27 June 2024^