Mukesh Ambani’s company- Jio Financial Services has got a big success. In fact, its wholly-owned subsidiary Jio Payment Solutions Limited (JPSL) informed the stock exchanges that it has received approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator. Amidst this news, investors rushed to Jio Financial’s stock and the price jumped 2 percent. During trading, the share price reached the level of Rs 325.75. Let us tell you that the 52-week high of the stock is Rs 395.
Jio Financial Services has a chance to expand
This approval has come at a time when the giant fintech firm Paytm has faced regulatory action from the RBI. In such an environment, Jio has a chance to gain share in the digital financial services market. Let us tell you that Jio Payments Bank is part of Jio Financial Services. It currently provides digital savings account with biometric authentication and a physical debit card. It has more than 1.5 million active users.
Recently, Jio Financial Services has announced the launch of its new and improved Jio Finance app. The beta version of this app was launched on May 30, 2024. Jio Finance Limited, the non-banking financial company (NBFC) of Jio Financial Services, said that it is in the final stages of launching home loan service. It has been started as a trial (beta). Apart from this, the company is also going to introduce other products like loan against property and loan against securities.
How were the Jio Financial Services September quarter results
Jio Financial Services’ profit rose marginally by three percent to Rs 689 crore in the second quarter ended September 2024. The company had earned a profit of Rs 668 crore in the same quarter a year ago. Total income rose to Rs 694 crore in the quarter. It was Rs 608 crore in the same quarter a year ago. However, total expenses doubled to Rs 146 crore as against Rs 71 crore in the same period last year.
