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.
Denne historien er fra April 03, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 03, 2023-utgaven av Financial Express Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Murdoch ally helps Ambani build media empire in India
SOHEE KIM PR SANJAI
Pandya, Dube & Rinku: Can they finish for India at T20 World Cup?
GOING INTO THE 2022 T20 World Cup in Australia Dinesh Karthik was assigned the finisher role and the batting lineup was built accordingly.
Nestle adds sugar to infant milk and cereal, finds report
A NEW REPORT has revealed that Nestle, the world's largest consumer goods and manufacturer of baby formula, is adding sugar to infant milk and cereal products sold in India, and other Asian, and African countries.
India-made Daimler's electric mini truck to hit the road soon
INDIA WILL BE host to German trucking giant Daimler's only electric vehicle plant outside of Europe and Japan when it launches a locally-made electric light cargo truck in FY25.
Samsung eyes ₹10,000 cr from India TV biz this year
SOUTH KOREAN GIANT Samsung is targeting a turnover of ₹10,000 crores for its television business in India this year, driven by growth in sales of its mid to-premium segment models, said Mohandeep Singh, senior VP, consumer electronics business in India.
Microsoft AI Copilot speed boost for coding
WHEN SOFTWARE DEVELOPER Nikolai Avteniev got his hands on a preview version of Microsoft's Copilot coding assistant in 2021, he quickly saw the potential.
US, China debt pose risks for global public finances: IMF
THE WORLD's TWO great economic rivals, China and the US, will drive much of the increase in global public debt over the next five years, with US spending creating trouble for many other countries by keeping interest rates high, officials at the International Monetary Fund said in a report.
Language models in consumer tech
This move is designed to ensure better user experience & privacy
'Data centres' energy use doubles every four years'
Data centres are significant energy consumers, using about 2% of the world's power and emitting carbon dioxide equivalent to the airline industry.
Vi FPO: Foreign players invest big; about ₹5,400 crore raised
GQG, Fidelity buy almost 40% of the anchor investor portion
