Reliance Industries Chairman Mukesh Ambani
Mumbai:
Reliance Industries Limited (RIL) Chairman Mukesh Ambani said on Monday that Jio Financial Services will invest Rs. Capitalized with a net worth of 1.2 lakh crores. He claimed that it is one of the most capitalized start-up financial services platforms in the world.
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At the company’s annual general meeting, Ambani said ZFS will strengthen its payments infrastructure with a universal offering for both consumers and merchants, thereby promoting digital payments in India.
“ZFS products will not only compete with existing players in the industry, but also utilize features such as ‘blockchain-based platforms’ and CBDC,” he added.
“JFS will also enter the insurance sector to offer simple, ‘smart’, general health insurance,” Ambani said.
He said that like Jio and retail, JFS will also provide the best services to the customers.
Ambani said, “It is a very capital-intensive business. Reliance initially invested ZFS at Rs. 1,20,000 crore with a total net worth capitalized.