Jio Financial Gets Nod from RBI to Become Investment Firm

12 Jul 2024 , 09:51 AM

According to a filing by the firm, Jio Financial Services was permitted by the Reserve Bank of India on Thursday to become a Core Investment Company (CIC) instead of a Non-Banking Financial Company (NBFC).

Reliance Industries Ltd. (RIL), a conglomerate that specializes in energy to communications, split off to form Jio Financial Services.

Jio Financial Services applied to the RBI in November 2023 to change its classification from that of an NBFC to that of a Core Investment Company.

The banking regulator had mandated that Jio Financial convert the company to CIC, hence the company had applied for this. As part of the financial services business demerger from Reliance Industries Limited (RIL), the regulator approved a change in the company’s control and shareholding pattern, and directed the company to carry out the conversion operation.

On August 21, 2023, Jio Financial officially debuted on the stock exchanges.

Following the company’s announcement on Friday, attention will be focused on shares of Jio Financial Services Ltd.

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