Published on 17 Oct 2023 on Reuters via Yahoo Finance

Jio Financial set to launch suite of loan products in billionaire Ambani's finance push

BENGALURU (Reuters) - India's Jio Financial Services JFS plans to launch auto, home loans and other products, as the billionaire Mukesh Ambani-backed company seeks to establish itself as a full-service financial services firm in a rapidly growing market.

Despite strong growth, penetration of financial investment products in India is low relative to the size of the economy. Ambani is looking to tap into this market after similar disruptive forays into the telecom and retail sectors.

JFS has already launched personal loans for salaried and self-employed individuals in the financial capital of Mumbai and consumer durable loans across 300 stores in India, it said in a presentation to analysts late on Monday, offering a first glimpse into operational details that had largely been vague at the time of its listing in August.