Jio Finance Ltd., the non-banking financial company (NBFC) arm of Jio Financial Services, is making significant strides in the financial services sector. On Friday, the company announced that it is close to launching new home loan products, which are currently in their Beta testing phase. In addition to home loans, Jio Finance Ltd. is preparing to introduce other financial products, including loans against property and loans on securities.
What’s New at Jio Finance Ltd.?
At the company’s first annual general meeting following its listing, Hitesh Sethia, the Managing Director and CEO, shared some exciting updates. He revealed that Jio Finance Ltd. is in the advanced stages of rolling out home loans, which are currently being tested in Beta mode. Alongside home loans, the company is also working on products such as loans against property and loans on securities.
Existing and Upcoming Products
Jio Finance Ltd. has already made its mark in the market with various secured lending products. These include supply chain financing, loans on mutual funds, and enterprise solutions for device financing. Sethia highlighted that the company’s joint venture with BlackRock, the world’s largest asset manager, is set to enhance its investment offerings. This partnership, which was initially focused on asset management, has now expanded to include wealth management and broking services.
The collaboration with BlackRock underscores the confidence both partners have in the potential of the Indian market, especially as the financialization of household savings continues to grow rapidly.
Jio Insurance and Digital Banking
In the insurance sector, Jio Insurance Broking Ltd. (JIBL) has formed partnerships with 31 major private and public sector insurance companies. This allows them to offer a wide range of insurance products, including life, health, motor, two-wheeler, fire, and property insurance.
Jio Payments Bank has also achieved a significant milestone, crossing 1 million CASA (Current Account, Savings Account) customers. The bank provides digital banking solutions tailored for both retail customers and small businesses. The tech infrastructure for the payments bank has been overhauled, enabling customers to open a savings account in less than 5 minutes entirely online.
JioFinance App: A Growing Platform
The JioFinance app, which was launched in Beta mode on May 30, 2024, has quickly gained traction, surpassing 1 million downloads. The app currently offers a range of services, including loans on mutual funds, savings accounts, UPI transactions, bill payments, digital insurance, and recharges.
About Jio Financial Services
Jio Financial Services, carved out from Reliance Industries Ltd. (RIL), is a core investment company involved in various financial services. These include investing and financing, insurance broking, payment bank services, and payment aggregator and gateway services.
As Jio Finance Ltd. continues to innovate and expand its offerings, it is set to play a significant role in transforming the financial landscape in India.
