365Telugu.com online news, Septmber 2,2024:Jio Financial Services Limited (JFSL), a digital-first financial services enterprise, has made significant strides in its initial phase, as highlighted during its first Annual General Meeting (AGM) following its recent listing on stock exchanges.
In a short period, the JioFinance app has surpassed 1 million downloads, with customer feedback proving to be overwhelmingly positive. The app currently offers a range of services, including Loans on Mutual Funds, digital savings accounts, UPI, bill payments, digital insurance, and recharges.
The company has announced that additional services will be introduced in the near future, further expanding its digital financial offerings.
In parallel, Jio Payments Bank has achieved a major milestone, crossing 1 million CASA (Current Account and Savings Account) customers. The bank offers a fully digital onboarding process, allowing customers to open savings accounts in under five minutes.
“Over the last financial year, we have established the foundational elements of a robust financial services group that will drive long-term, sustainable value for our customers, investors, employees, and partners,” stated Hitesh Sethia, Managing Director and CEO of JFSL, during the AGM.
Looking ahead, JFSL plans to roll out new products, including home loans, loans against property, and loans against securities, with home loans currently available in beta mode.
In an important strategic move, JFSL’s joint venture with BlackRock, the world’s largest asset manager, is set to deliver world-class investment products tailored for the Indian market. According to Sethia, key leadership appointments for the venture have been finalized, and the development of technology infrastructure and market strategy is progressing rapidly.
JFSL Chairman K.V. Kamath emphasized the pivotal role that next-generation financial services will play in realizing India’s ambition of becoming a $10 trillion economy within the next decade. “The opportunity before us is immense, and technology will serve as a powerful enabler in transforming the financial services landscape.
Affordable data, widespread access to devices, and advanced analytics are setting the stage for the future of finance,” Kamath remarked.
Since its listing on August 21, 2023, JFSL has been on a mission to redefine financial services by leveraging technology to meet the diverse needs of the Indian population, providing digital-first and cost-effective solutions across the financial spectrum.