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Jio Financial set to launch suite of loan products in billionaire Ambani's finance push
October 17, 2023
Jio Financial Services (JFS), backed by billionaire tycoon Mukesh Ambani, is set to introduce a range of financial products, including auto and home loans, aiming to establish itself as a comprehensive financial services firm in India’s burgeoning market. Despite rapid economic growth, financial investment product penetration in India remains low, prompting Ambani to tap into this potential, following his successful ventures in telecom and retail sectors.
JFS has recently unveiled personal loans in Mumbai and consumer durable loans across 300 stores nationwide. The firm now plans to extend its services by introducing business and merchant loans for self-employed individuals. Additionally, JFS’s insurance broking arm has partnered with 24 insurance companies, and its payments bank division is gearing up to launch debit cards.
Leveraging technology and artificial intelligence, JFS is developing an app to facilitate these services efficiently. The company’s recent earnings report revealed a substantial profit increase, generating investor optimism. JFS, in collaboration with U.S. asset manager BlackRock, also plans to introduce asset management services in India.
With shares trading higher despite initial discounts, JFS aims to strike a balance in its growth strategy, minimizing risks for competitors like Bajaj Finance and other retail banks, according to analysts. The move signals JFS’s commitment to enhancing financial inclusion and accessibility across the country.
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