Reliance AGM 2023: Jio Financial Services capitalised with net worth of Rs 1.2 lakh crore, says Mukesh Ambani

Reliance AGM 2023: Jio Financial Services, the newest addition to the growing empire of Reliance Industries Ltd, has been capitalised with a net worth of Rs 1.2 lakh crore to create one of the world's highest capitalised financial services platforms at inception, chairman Mukesh Ambani said on Monday.

Speaking at company's annual general meeting, he said JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India.

"JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC," he said. "JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products." Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses, he said.

"This is a highly capital-intensive business," he said. "Reliance has capitalized JFS with a net worth of Rs 1,20,000 crore to create one of the world's highest capitalised financial service platforms at inception."

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