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RBI approves Jio Financial Services' conversion to core investment company

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RBI approves Jio Financial Services' conversion to core investment company

The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.

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