Mumbai: Jio Financial Limited (JFL), the financial services arm of Reliance Industries Ltd., is in the final stages of launching its home loan products. This announcement was made during the company’s first annual general meeting following its stock exchange listing in August 2023. In addition to home loans, JFL is preparing to roll out loans against property and securities.
Managing Director and CEO Hitesh Sethia highlighted that Jio Financial has already introduced secured lending products such as supply chain financing, loans on mutual funds, and enterprise solutions for device financing. Sethia also discussed the company’s strategic joint venture with BlackRock, aimed at bringing high-quality investment products to Indian consumers. Initially focused on asset management, the JV has expanded to include wealth management and broking services.
The JioFinance app, launched in beta on May 30, 2024, has already surpassed 1 million downloads, offering services like loans on mutual funds, savings accounts, UPI, bill payment, digital insurance, and recharges.
Additionally, Jio Payments Bank has exceeded 1 million CASA customers, providing digital banking solutions for retail customers and small businesses. Sethia emphasized that these developments underscore Jio Financial’s commitment to offering comprehensive financial solutions and leveraging technology to enhance customer convenience, reflecting confidence in India’s growing financial market.
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