RBI approves Isha Ambani, others as directors of Jio Financial
The Reserve Bank of India (RBI) on November 16 approved Isha Ambani, Anshuman Thakur, and Hitesh Kumar Sethia to join the board of directors at Jio Financial Services Ltd. Owned by Mukesh Ambani, the financial services firm unveiled plans last month to expand into lending, insurance broking, payments bank, and payment solutions sectors. The RBI directed the company to update its management profile in XBRL returns following the changes.
Details of RBI's approval and share performance
The authorization for the trio's directorship is valid for six months from the date of approval. If Jio Financial Services is unable to implement the proposal within this period, it must reapply and provide an explanation for the delay, as per the RBI's letter. After the news broke, Jio Financial Services' shares rose 1.23% from their previous close, to settle at Rs. 227 apiece on BSE.
Jio Financial Services's Q2 financial performance
In the September quarter, Jio Financial Services recorded a 101% surge in consolidated profit after tax (PAT), amounting to Rs. 668 crore. This figure also encompasses a dividend income of Rs. 371 crore (Rs. 154 crore in associates). As of Q3, the company's consolidated total assets were valued at Rs. 1,19,598 crore.
