"Jio Financial Services Receives RBI Approval to Operate as Core Investment Company"

The Reserve Bank of India has approved Jio Financial Services to become a core investment company. In a stock filing, Jio Financial stated, "Further to the disclosure dated November 21, 2023, the company has today received approval from the Reserve Bank of India for the conversion of the Company from a Non-Banking Financial Company to a Core Investment Company."

Reliance Industries, the parent company of Jio Financial Services, will announce its June quarter financial results today, July 19, Friday.

Jio Financial Services reported a 6% increase in consolidated net profit for the fourth quarter ending March 2024, reaching ₹311 crore, driven by improved income. For the quarter ending December, the company had declared a profit of ₹294 crore.

In a regulatory filing, Jio Financial Services revealed that its consolidated net profit soared from ₹31 crore in the previous fiscal year to ₹1,605 crore in FY24. Revenue saw a slight increase from ₹414 crore in the December quarter to ₹418 crore.

Beyond investment and lending, Jio Financial Services provides payment gateway, banking, and payment aggregator services.