RIL tests waters in consumer finance

Consumer loans are on offer under Jio brand at select outlets

- Shayan Ghosh

Reliance Industries Ltd (RIL) is testing a consumer durables financing programme under the Jio brand at select Reliance Digital outlets before a full-fledged launch of Jio Financial Services later this year, people aware of the development said.

Mint visited two stores in Mumbai and adjoining Thane and spoke to executives at four other stores about the availability of financing under what they called Jio Finance. According to the executives, customers would be offered the option of Jio Finance alongside schemes from other banks and non-bank lenders.

Billionaire Mukesh Ambani’s RIL is seeking to challenge established financiers such as Bajaj Finance by launching Jio Financial Services, the venture resulting from the demerger of Reliance’s financial services business. In May, shareholders and creditors approved the spinoff of Reliance Strategic Investments Ltd, which will be renamed Jio Financial Services. Once demerged, Macquarie expects it to be the fifth-largest financial services company by net worth.