The Reserve Bank of India (RBI) has granted an online payment aggregator license to Jio Payments Solutions (JSPL), a wholly owned subsidiary of Jio Financial Services, the company said in an exchange filing.
“Please note that Jio Payment Solutions Limited (“JPSL”), a wholly owned subsidiary of the Company, vide its e-mail dated October 28, 2024, has informed the Company (received by the Company at 6:00 p.m.) that the Reserve Bank of India has granted certificate of authorisation to JPSL to operate as an ‘Online Payment Aggregator’ under Section 7 of the Payment and Settlement Systems Act, 2007, with effect from October 28, 2024,” the notice said.
Separately, earlier today, Jio Financial launched a digital gold product named “SmartGold” through its JioFinance app. SmartGold offers digital process for buying gold and redeeming their investments in exchange for cash, or gold coins, or gold jewellery. Customers can invest in digital gold for as low as ₹10, the company said in a release.
Jio Financial, helmed by veteran banker K.V. Kamath, already runs a shadow bank and an insurance brokerage and has joined forces with BlackRock Inc. to start an asset management business. Setting up insurance operations will help further the Ambani unit’s ambition of becoming a financial services behemoth.