Jio Financial Services Ltd (JFSL) said on October 11 that the updated and improved JioFinance App, which includes a variety of appealing features, is now available on the Google Play Store, Apple App Store, and MyJio.
The JioFinance App's beta version was released on May 30, 2024. "Over six million users have experienced JFSL's new-age digital platform, and the valuable customer feedback received was instrumental in improving the app's overall user experience," Reliance Industries Ltd stated in a stock exchange filing.
"Since the Beta launch, a variety of financial products and services have been offered, including loans on mutual funds, home loans (including balance transfers), and loans against property. These loans are available on competitive terms and will result in significant savings for our customers," said JFSL.
Jio Payments Bank Ltd (JPBL) offers a safe digital savings account with biometric authentication and a real debit card. It can be opened in under 5 minutes online. More than 1.5 million consumers use their JPBL account to handle their typical, recurrent spending. Additionally, features such as seamless UPI payments, mobile recharging, and the option to pay credit card bills enable clients to transact digitally with ease, according to JFSL.
The JioFinance app also provides clients with an aggregate picture of their holdings across multiple bank accounts and mutual fund holdings, allowing them to better manage their money overall. Furthermore, the JioFinance app offers up to 24 insurance options, including a comprehensive suite of life, health, two-wheeler, and vehicle insurance, digitally.
"JFSL's objective is to democratize access to smooth and convenient financial services through technology. With the refreshed JioFinance app, which is truly Made in India, and with many more new features on the way, we are well on our way to becoming a trusted financial companion for the people of India, assisting them in achieving their goals through our comprehensive suite of financial products," said Hitesh Sethia, Managing Director and CEO of JFSL.
At 10:50 a.m. on October 11, JFSL's NSE shares were trading 0.4 percent lower at Rs 342.5 per.
Earlier this month, Jio Financial and US-based BlackRock received in-principle approval from market regulator Securities and Exchange Board of India (SEBI) to operate as co-sponsors and establish a mutual fund business in the nation.
Jio Financial stated that SEBI will provide final permission once the two businesses meet certain standards, on which it did not elaborate.
Days after its separation from Reliance Industries in July 2023, the company announced a 50:50 joint venture with BlackRock to start asset management services in India.
In April, the corporations formed a second joint venture to establish a wealth management and brokerage business in the country.
