Mukesh Ambani's big move, set to challenge HDFC, SBI with...

Mukesh Ambani's company Jio Financial Services has announced a major development through its non-banking financial company (NBFC), Jio Finance Limited. The company is in the final stages of launching its home loan services, which have been initiated as a beta trial. In addition, the company is set to introduce other products such as loans against assets and securities-backed loans.

During the company's annual general meeting last week, Managing Director and CEO Hitesh Sethia addressed shareholders, stating, "We are in the final stages of launching home loans, which are currently in the beta phase." He also mentioned that Jio Finance Limited has already introduced secured loan products in the market, including supply chain financing, loans against mutual funds, and enterprise solutions for equipment financing.

In April 2024, Jio Financial Services' shares reached Rs 394.70, marking its 52-week high. However, in October 2023, the stock had dropped to Rs 204.65, its 52-week low.

Recently, Jio Financial Services received approval from the Reserve Bank of India (RBI) to operate as a Core Investment Company (CIC). Listed separately from Reliance Industries Limited, Jio Financial Services is involved in investment and financing, insurance broking, payment banking, and payment platform services.

It is noteworthy that in the June quarter, Jio Financial Services reported a 6% decline in profits, amounting to Rs 313 crore. In the same quarter of the previous year, the company had recorded a profit of Rs 332 crore.