Mukesh Ambani's New Loan Distribution Plan May Pose Serious Competition To NBFCs Banks; Details Here

Mukesh Ambani's Jio Financial Limited (JFL), the non-banking financial company (NBFC) arm of Jio Financial Services, announced that the company is nearing the launch of home loans. 

The home loan services launched in beta mode on May 30, 2024, JFL's home loan services have already attracted over one million downloads. This development was highlighted during the company's first annual general meeting since its stock market debut in August 2023. 

Jio Payments Bank, a subsidiary of JFL, has successfully onboarded over one million customers for its Current Account and Savings Account (CASA) services, offering digital banking solutions tailored for retail clients and small businesses.  

Jio Finance Limited has also introduced secured lending products, including supply chain financing, loans on mutual funds, and enterprise solutions for device financing. 

On the insurance side, Jio Insurance Broking Limited (JIBL) has teamed up with 31 leading private and public sector insurance companies to provide insurance products via the JioFinance app. 

Recently, Jio Financial Limited secured approval to raise its foreign investment limit to 49%. Currently, foreign investors own 17.55 per cent of the company’s shares. For the first quarter ending June 30, 2024, JFL reported a net profit of Rs 313 crore, 6 per cent decline from Rs 332 crore in the same period the previous year.