Jio Financial Services: New CEO, Expansion, and Performance

Appointment of Hitesh Kumar Sethia:

Approved as MD and CEO of Jio Financial Services for a three-year term starting November 15, 2023.

Expansion and Joint Ventures:

JFS strengthens its financial services presence, forming joint ventures with BlackRock for asset management.

Diversification Initiatives:

JFS aims to meet supplier financial needs and plans expansion into home loans, property-backed loans, and mutual funds.

Performance and Partnerships:

JFS introduces debit cards, mobile apps, and voice-enabled services. Partnerships with 29 insurance firms.

Financial Performance:

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:

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:

JFS debuted on the stock market in August last year after separating from Reliance Industries.

Future Plans:

JFS plans to venture into wealth management and brokerage enterprises, reflecting its commitment to expanding its financial services offerings.

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