Mumbai5 minutes ago
- copy link
Shares of Jio Financial Services Limited are in focus today, i.e. Friday. The company has informed the exchanges that it has received approval from the Reserve Bank of India to convert from a “Non-Banking Financial Company” (NBFC) to a “Core Investment Company”.
In November last year, Jio Financial Services had applied to the Reserve Bank of India to convert the company from a non-banking financial company to a core investment company. It had informed this to both the exchanges on November 21, 2023.
After the separation of financial services business from Reliance Industries, the shares of Jio Financial were listed on 21 August 2023. The shares were listed at Rs 265. Currently its stock is trading at around Rs 350. The stock has gained about 50% this year.
CIC is a company with an asset size of more than ₹ 100 crore
A Core Investment Company (CIC) is a specialized NBFC with an asset size of more than ₹100 crore. Based on the RBI circular dated December 20, 2016, the main function of a CIC is to acquire shares and securities subject to certain conditions.
CICs are required to hold at least 90% of their net assets as investments in equity shares, preference shares, bonds, debentures, loans in group companies. All CICs with asset size of more than ₹100 crore are regulated by the laws of the Reserve Bank of India.
Reliance’s financial services business comprises 6 companies…
- Reliance Industrial Investments & Holdings Limited
- Reliance Payment Solutions Limited
- Jio Payments Bank Limited
- Reliance Retail Finance Limited
- Jio Information Aggregator Services Limited
- Investment of Reliance Retail Insurance Broking Limited
The beta version of the JioFinance app was unveiled in May
Recently, Jio Financial Services unveiled the beta version of its JioFinance app. The app offers services like digital banking, UPI transactions, bill payments and insurance advisory to the users. There is a facility to take loan against mutual funds.
In the coming time, the company will expand its loan services and extend it to home loans. The company is calling it a cutting-edge platform that will revolutionize daily finance and digital banking. The company will improve the app based on user input.
Source link
[ad_3]
