Jio Financial Limited (JFL), the financial services division of Reliance Industries Ltd., is nearing the launch of its home loan offerings, which are currently in beta testing. This development was shared during the company’s first annual general meeting since its stock market listing in August 2023. The non-banking financial company (NBFC) is also set to roll out new loan products, including options for loans against property and securities.

JFL has already introduced various secured lending solutions, such as supply chain financing, loans backed by mutual funds, and enterprise financing for devices. The company’s JioFinance app, which launched in beta on May 30, 2024, has quickly gained traction, surpassing 1 million downloads.

Additionally, Jio Payments Bank, a subsidiary of JFL, has reached over 1 million CASA (current and savings account) customers, offering digital banking services to both retail customers and small businesses.

Progress is also being made on JFL’s joint venture with BlackRock, which was announced in July 2023. With each partner contributing an initial investment of $150 million, the venture aims to broaden its investment product range. Key leadership has been appointed, and both technological infrastructure and market strategy are in advanced development stages.

In the insurance sector, Jio Insurance Broking Limited (JIBL) has established partnerships with 31 major private and public insurance providers. Insurance products are available through the JioFinance app, and JIBL also offers embedded insurance for white goods at the point of sale, along with extended warranties for consumer electronics and mobile devices.

Recently, JFL received approval to increase its foreign investment cap to 49%, up from the current 17.55% held by foreign investors. However, in the first quarter ending June 30, 2024, the company reported a 6% decline in net profit, which fell to Rs 313 crore from Rs 332 crore in the same quarter the previous year. Consequently, JFL’s share price dipped by 1.21% to Rs 321.75 on the BSE, despite the benchmark index rising by 0.28%.