Shares of RNFI Services Limited surged by nearly 10% today, closing at Rs 163.95, following the announcement of its strategic partnership with Jio Payments Bank as a Corporate Business Correspondent. The stock saw robust trading activity, with a traded volume of 3.47 lakh shares and a traded value of Rs 5.61 crore.
Key Highlights of the Partnership:
- Scope of Services:
- Onboarding potential customers and promoting awareness of savings and other financial products.
- Facilitating cash deposits, withdrawals, and account management.
- Supporting Aadhaar-enabled payment systems (AEPS), Bharat Bill Payment Systems, and other services like interbank remittances.
- Nature of Agreement:
- The engagement is categorized as part of the normal course of business and does not involve related party transactions.
- Duration:
- The partnership spans five years and complies with RBI guidelines and other applicable laws.
The strategic tie-up signifies RNFI’s commitment to improving financial inclusion through Jio Payments Bank’s expansive network.
Stock Details:
- 52-Week High: Rs 199.95 (29-Jul-2024)
- 52-Week Low: Rs 109.80 (23-Oct-2024)
- Market Cap: Rs 409.10 crore
- Free Float Market Cap: Rs 78.83 crore
- Delivery Percentage: 79.92%
This announcement has generated significant interest among investors, propelling the stock upwards as market participants reacted positively to RNFI’s growth potential.
