Jio Financial Services Limited (JFSL) saw a nearly 2% rise in its shares following the announcement that its wholly-owned subsidiary, Jio Payment Solutions Limited (JPSL), has received authorization from the Reserve Bank of India (RBI) to operate as an “Online Payment Aggregator.” This certification, granted under Section 7 of the Payment and Settlement Systems Act, 2007, enables JPSL to facilitate digital payments for businesses and consumers, effective October 28, 2024.
The authorization marks a significant step for Jio Financial’s expansion into the digital payments sector, aligning with its strategy to grow within the digital financial services space and bolster India’s evolving digital payments ecosystem. In an official communication, JPSL informed Jio Financial of the authorization on October 28, 2024, at 6:00 p.m.
This development further enhances Jio Financial’s position in the fast-expanding digital payments industry, paving the way for future innovations and strengthening its role in India’s financial services landscape.
As of 11:43 am the shares were trading 1.82% higher at ₹322.40 on NSE.
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