Finclusion
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog
No Result
View All Result
Paytm
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog
No Result
View All Result
Finclusion
No Result
View All Result
Jio Financial Services has applied to the Reserve Bank of India (RBI) for conversion of the company from a non-banking financial company (NBFC) to a core investment company (CIC). (Image Source: Jio Financial Services Website)

Jio Financial Services has applied to the Reserve Bank of India (RBI) for conversion of the company from a non-banking financial company (NBFC) to a core investment company (CIC). (Image Source: Jio Financial Services Website)

Jio Financial Services Applies for NBFC to CIC Conversion to RBI

November 23, 2023
in Enterprise
410 13
0
Share on FacebookShare on Twitter

Jio Financial Services has applied to the Reserve Bank of India (RBI) for conversion of the company from a non-banking financial company (NBFC) to a core investment company (CIC) in compliance with regulatory directives. The company announced the submission of the application for the conversion via an exchange filing. The company also informed that this move of theirs is in line with the RBI mandate and is part of the company’s restructuring following its demerger from Reliance Industries. 

“This is to inform that as mandated by the Reserve Bank of India (while granting its approval for change in the shareholding pattern and control of the Company pursuant to the demerger of the Financial Services Business from Reliance Industries Limited into the Company), the Company has submitted the application for conversion of the Company from NBFC to CIC,” Jio Financial Services said in the filing.

You might also like

Paytm Appoints Ramana Kumar as CEO for Middle East. (Image Source: Paytm)

Paytm Appoints Ramana Kumar as CEO for Middle East to Lead Global Expansion Strategy

May 23, 2025
PB Fintech FY25 PAT Jumps 5.5x to ₹353 Cr. (Image source: PB Fintech website)

PB Fintech FY25 PAT Jumps 5.5x to ₹353 Cr, Revenue Grows 45% to ₹4,977 Cr

May 16, 2025

According to a report by Moneycontrol, As per RBI guidelines, CICs are entities primarily investing their assets in group companies, whether through equity, preference shares, convertible bonds, or loans. These entities serve as passive holding companies, maintaining control over their group companies without engaging in other financial activities.

Essentially, a CIC, defined as an NBFC, conducts the business of acquiring shares and securities under specific conditions. These include holding no less than 90 percent of its net assets in the form of investments in various financial instruments related to group companies.

Additionally, it refrains from trading its investments except through block sales for dilution or disinvestment purposes. The CIC is restricted from participating in any financial activity beyond providing loans to group companies, issuing guarantees, and investing in specific financial instruments.

Tags: core investment companyjio financial servicesNBFCrbiReliance IndustriesReserve Bank of India

Related Stories

Paytm Appoints Ramana Kumar as CEO for Middle East. (Image Source: Paytm)

Paytm Appoints Ramana Kumar as CEO for Middle East to Lead Global Expansion Strategy

by Finclusion
May 23, 2025
0

Fintech major Paytm has appointed Ramana Kumar as the Chief Executive Officer for its Middle East business, marking a significant...

PB Fintech FY25 PAT Jumps 5.5x to ₹353 Cr. (Image source: PB Fintech website)

PB Fintech FY25 PAT Jumps 5.5x to ₹353 Cr, Revenue Grows 45% to ₹4,977 Cr

by Finclusion
May 16, 2025
0

PB Fintech, the parent company of Policybazaar and Paisabazaar, reported a robust financial performance for FY25, with profit after tax...

The company achieved EBITDA before ESOP profitability during the quarter.

Paytm Posts ₹1,911 Cr Revenue in Q4 FY25, EBITDA Before ESOP at ₹81 Cr

by Finclusion
May 6, 2025
0

Paytm on Tuesday posted a resilient performance for the fourth quarter of FY25, reporting ₹1,911 crore in revenue—a 5% sequential...

PB Fintech's wholly owned subsidiary, PB Pay Private Limited, has received in-principle authorisation from the RBI to operate as an Online Payment Aggregator.

PB Fintech Subsidiary PB Pay Secures RBI’s In-Principle Nod for Payment Aggregator License

by Finclusion
April 17, 2025
0

PB Fintech Limited, the parent company of Policybazaar and Paisabazaar, has announced that its wholly owned subsidiary, PB Pay Private...

Next Post
Fintech and online gaming apps have several intersections and connections between them. (Image Source: Freepik)

How fintech innovations are powering seamless gaming experience

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finclusion

© 2024 Finclusion

Quick Links

  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • News
  • Explained
  • Fact Check
  • Inclusion
  • Blog

© 2024 Finclusion

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version