Jio Financial Services received approval from the Reserve Bank of India (RBI) on Thursday to transition from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), according to an exchange filing by the company.
Jio Financial Services, a spin-off from Reliance Industries Ltd., a conglomerate with interests ranging from energy to telecom, had applied for this transition in November of the previous year following the demerger of Reliance Industries’ financial services division.
A CIC is a specialized NBFC with assets exceeding ₹100 crore. According to the RBI circular of December 20, 2016, a CIC’s primary responsibility is to invest at least 90% of its net assets in bonds, debentures, equity shares, preference shares, debt, or loans to group firms, subject to specific restrictions. All CICs with assets above ₹100 crore are subject to RBI regulations.
Jio Financial Services officially debuted on the stock exchanges on August 21, 2023. On Thursday, its share price closed flat at ₹348.05 apiece on the BSE.
Reliance Industries, the parent company of Jio Financial Services, is set to release its June quarter financial results on Friday, July 19.
Jio Financial Services reported a 6% increase in consolidated net profit for the fourth quarter ending in March 2024, totaling ₹311 crore, up from ₹294 crore in the December quarter. The company’s consolidated net profit for FY24 increased significantly to ₹1,605 crore from ₹31 crore in the previous fiscal year.
Additionally, Jio Financial Services provides payment gateway, banking, and payment aggregator services alongside its investment and lending operations.
 on Thursday to transition from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), according to an exchange filing by the company.Jio Financial Services, a spin-off from Reliance Industries Ltd., a conglomerate with interests ranging from energy to telecom, had applied for this transition in November of the previous year following the demerger of Reliance Industries' financial services division.){kind=link}