The Business Bytes
MUMBAI, AUGUST 31, 2024 (TBB BUREAU): Jio Financial Services Limited (JFSL), the newly launched digital-first financial services group, has announced significant achievements in its inaugural year. The JioFinance app has surpassed 1 million downloads, reflecting strong customer interest and positive initial feedback. The app currently offers a range of services including loans on mutual funds, digital savings accounts, UPI, bill payments, digital insurance, and recharges, with additional services set to launch soon.
In a parallel development, Jio Payments Bank has also reached a milestone of 1 million CASA (Current Account Savings Account) customers. The bank now enables users to open a savings account online in under five minutes.
Hitesh Sethia, Managing Director and CEO of JFSL, highlighted the company’s achievements during its first annual general meeting (AGM) following its stock exchange listing on August 21, 2023. “We have laid the foundation for a robust financial services group that will deliver long-term value to our customers, investors, employees, and partners,” Sethia said.
Looking ahead, JFSL plans to roll out new products including home loans (currently in beta), loans against property, and loans against securities. Additionally, the company’s joint venture with BlackRock aims to introduce world-class investment products to the Indian market. Leadership for this venture has been appointed, and strategic and technological planning is well underway.
K.V. Kamath, Chairman of JFSL, emphasized the role of new-age financial services in driving India’s economic ambitions. “The opportunity before us is immense. Technology will be a key enabler in the evolution of financial services, helping us realize the vision of a $10 trillion economy in the next decade,” Kamath stated.
JFSL’s mission remains to transform financial services in India by leveraging cutting-edge technology to provide cost-effective and digital-first solutions.
