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RBI grants online payments aggregator license to Jio Financial arm JSPL

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Abhishek012

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RBI grants online payments aggregator license to Jio Financial arm JSPL​

Jio Financial, helmed by veteran banker K.V. Kamath, already runs a shadow bank and an insurance brokerage and has joined forces with BlackRock Inc. to start an asset management business​

The Reserve Bank of India (RBI) has granted an online payment aggregator license to Jio Payments Solutions (JSPL), a wholly owned subsidiary of Jio Financial Services, the company said in an exchange filing.

“Please note that Jio Payment Solutions Limited (“JPSL”), a wholly owned subsidiary of the Company, vide its e-mail dated October 28, 2024, has informed the Company (received by the Company at 6:00 p.m.) that the Reserve Bank of India has granted certificate of authorisation to JPSL to operate as an ‘Online Payment Aggregator’ under Section 7 of the Payment and Settlement Systems Act, 2007, with effect from October 28, 2024,” the notice said.

Separately, earlier today, Jio Financial launched a digital gold product named “SmartGold” through its JioFinance app. SmartGold offers digital process for buying gold and redeeming their investments in exchange for cash, or gold coins, or gold jewellery. Customers can invest in digital gold for as low as ₹10, the company said in a release.

Jio Financial, helmed by veteran banker K.V. Kamath, already runs a shadow bank and an insurance brokerage and has joined forces with BlackRock Inc. to start an asset management business. Setting up insurance operations will help further the Ambani unit’s ambition of becoming a financial services behemoth.
 
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Abhishek012 said:
Achi baat hai na,

Amazon, Walmart's Phonepe etc sab ko mil gaya, Indian companies ko bhi toh milna chahiye.

Saare foreign company k pas he control rahega kya ?

PayU bhi Netherlands ka hai.

Billdesk bhi Visa card backed hai.

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We already have RuPay. And I do not have a problem with it being an Indian company. I have a problem with it being Reliance, a company which already has a tight grip on the country. We don’t want a situation like Samsung in South Korea here. It will be bad for the nation.
 
Riya Sharma said:
We already have RuPay. And I do not have a problem with it being an Indian company. I have a problem with it being Reliance, a company which already has a tight grip on the country. We don’t want a situation like Samsung in South Korea here. It will be bad for the nation.
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Big corporate companies are good for our nation, if we want to become superpower and R&D on Science and technology.

If companies like Reliance don’t exist, India will end up like Pakistan. 🤣🤣

But ya you can definitely say that there should be more big corporate companies like Reliance

But guess what ? Reliance also small company in Science and technology.

Reliance is only a big giant in oil and gas, but oil and gas won’t be used in the future.

Reliance may have money today, but Reliance has nothing in science and technology.

It wouldn’t be wrong to call Reliance a small company when it comes to science and technology.

And dnt include Jio because Reliance or Mukesh Ambani knew how to run a telecom business. That’s why Jio succeeded.

In other areas like AI, data centers, semiconductors, etc Reliance doesn’t know much.

Reliance’s Lyf phone, Jiomart online e-commerce, Jio payments bank etc, aren’t succeeding because, on Science and technology, Reliance is a small company.
 
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