Jio Financial Services: New CEO, Expansion, and Performance
Appointment of Hitesh Kumar Sethia
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Appointment of Hitesh Kumar Sethia
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Approved as MD and CEO of Jio Financial Services for a three-year term starting November 15, 2023.
Expansion and Joint Ventures
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Expansion and Joint Ventures
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JFS strengthens its financial services presence, forming joint ventures with BlackRock for asset management.
Diversification Initiatives
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Diversification Initiatives
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JFS aims to meet supplier financial needs and plans expansion into home loans, property-backed loans, and mutual funds.
Performance and Partnerships
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Performance and Partnerships
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JFS introduces debit cards, mobile apps, and voice-enabled services. Partnerships with 29 insurance firms.
Financial Performance
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Financial Performance
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JFS reports a 6% increase in net profits in Q4 FY24, reaching INR 311 Cr, with a slight uptick in operating revenue to INR 418 Cr.
Regulatory Approval
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Regulatory Approval
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Approval obtained from the Ministry of Corporate Affairs for Sethia's appointment. Proper employment visa required for Sethia as expatriate personnel.
Market Debut and Separation
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Market Debut and Separation
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JFS debuted on the stock market in August last year after separating from Reliance Industries.
Future Plans
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Future Plans
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JFS plans to venture into wealth management and brokerage enterprises, reflecting its commitment to expanding its financial services offerings.
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