Reliance unveils JioFinance app: It will provide services like digital banking, UPI transaction, bill payment
Jio Financial Services Limited has unveiled the beta version of its JioFinance app. On the app, users will get services like digital banking, UPI transaction, bill payment and insurance advisory. Facility to take loan against mutual fund will also be available.
In the coming time, the company will expand its loan services and extend it to home loans. The company is calling it a cutting-edge platform that will revolutionize daily finance and digital banking. The company will improve the app based on user input.
Four types of services will be available on Jio Finance App
Insurance Broking: It will provide services of car insurance, bike insurance, health insurance and life insurance. The company has partnered with insurance companies like ICICI Lombard, Star Health, Digit, HDFC Ergo for these services.
Digital Banking: In this, you will get the service of opening a savings account in Jio Payment Bank without paper work. Zero balance account will be opened just with Aadhar card and PAN card. Facility to withdraw cash will be available at Reliance Smart Point.
UPI Payment: You will be able to make UPI payment like Paytm, PhonePe, Google Pay. At the same time, business owners will get the facility of payment gateway. Through this service, merchants can accept payments from digital modes like card, UPI, netbanking, wallet.
Loan Service: It is starting with loan against mutual fund. The user will get the loan within 10 minutes at an interest rate of 9.9%. This process is completely digital and there is no charge for prepayment. Home loan will also be available in the coming time.
Jio Financial shares gave 54% return in 6 months
Shares of Jio Financial Services today closed at Rs 348 with a decline of 0.34%. At the same time, the stock has given a negative return of 8% in the last 1 month. Whereas, in the last 6 months, Jio Financial shares have given positive returns of 54%.
Jio Financial’s net profit in the fourth quarter was ₹310 crore
Jio Financial’s net profit in the fourth quarter of financial year 2024 was ₹310 crore, up 6% year-on-year. Whereas, Net Interest Income (NII) was Rs 280 crore. Total interest income was Rs 418 crore and total revenue was Rs 418 crore.
Earlier in the third quarter (October-December), Jio Financial’s net profit was Rs 293 crore. Whereas, in the third quarter (Q3FY24) the net interest income was Rs 269 crore. Total interest income was Rs 414 crore and total revenue was Rs 413 crore.
