MUKESH AMBANI-LED RELIANCE Industries' (RIL) move to demerge its financial services business into Reliance Strategic Investments (RSIL) and rebranding it as Jio Financial Services (JFSL) is likely to shake up the financial sector significantly, said experts.
"Jio Financial will have a large distribution network and customer ecosystem derived from the other businesses of Reliance, that is, retail, telecom and finance website. It has access to huge data collected from these three areas. It could try and exploit these like Alibaba, Google and Facebook," said Deepak Jasani, head of retail research, HDFC Securities.
"Jio could disrupt businesses of NBFCs, fintechs the most and banks the least. It has grand ambitions and has on board the best of finance professionals. Among NBFCs, Bajaj Finance and Poonawala Fincorp could get impacted by the entry of Jio, though it could take some time to replicate the competencies of these two. Paytm could also be impacted to an extent by Jio," Jasani said.
RIL has convened a meeting of creditors and shareholders on May 2 to seek their approvals for the demerger of RSIL, which is a nondeposit taking, systematically important NBFC. JFSL has appointed banking sector veteran KV Kamath to be the non-executive chairman of the company, while McLaren Strategic Venture's top executive Hitesh Sethi will reportedly be the new CEO.
هذه القصة مأخوذة من طبعة April 03, 2023 من Financial Express Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة April 03, 2023 من Financial Express Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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