RBI Approves Jio Financial Services’ Transition to Core Investment Company; Shares in Focus
The Reserve Bank of India (RBI) has approved the conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC). This information was shared by the company in a filing on Thursday.
Jio Financial Services is a part of Reliance Industries Ltd (RIL), a major conglomerate in energy and telecom.
In November 2023, Jio Financial Services applied to the RBI to change its status from an NBFC to a CIC. The regulator required this change when it approved the demerger of the financial services business from RIL and the subsequent change in shareholding pattern and control.
Jio Financial Services officially started trading on the stock market on August 21, 2023. The company’s shares are expected to be in focus on Friday following the announcement.
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