Jio Payment Solutions (JPSL), a subsidiary of Jio Financial Services, can now operate as an online payment aggregator.
What Happened: Jio Financial Services, a wholly owned subsidiary of JPSL, has received authorisation from the RBI to operate as an online payment aggregator, the company said in a press release. This authorisation, which took effect on October 28, 2024, is in accordance with Section 7 of the Payment and Settlement Systems Act, 2007.
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This authorisation marks a significant step for Jio Financial Services and JPSL in their efforts to expand their digital payment offering. Currently, some of the known online payment aggregators in the country include PayU, Paytm Payments Gateway, Razorpay and BillDesk.
The approval significantly enhances the Reliance Group firm’s position within the financial sector. The company also announced on Tuesday the establishment of two joint venture companies with BlackRock. The companies, named “Jio BlackRock Asset Management Private Limited” and “Jio BlackRock Trustee Private Limited”, were incorporated with a primary focus on the mutual fund business.
Jio Financial Services plans to invest ₹82.50 crore for a 50% stake in Jio BlackRock Asset Management Private Limited and ₹40 lakh for a 50% stake in Jio BlackRock Trustee Private Limited.
Price Action: Shares of Jio Financial Services were up 1.89% to ₹322.65 on Tuesday afternoon.
Read Next: Jio Financial Services Announces Two JVs With Blackrock, Shares Jump 2%
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