Digital Financial News

Reliance Industries Ltd, has been capitalised with a net worth of Rs 1.2 lakh crore to create one of the world's highest capitalised financial services platforms at inception, chairman Mukesh Ambani said on Monday. Speaking at company's annual general meeting, he said JFS will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. «JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC,» he said. «JFS will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products.» Just like Jio and Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses, he said. «This is a highly capital-intensive business,» he said.

Mukesh Ambani revealed little about future plans in the highly competitive and regulated business at the annual general meeting (AGM) of Reliance Industries on Monday. The stock had hit a 5% upper circuit after Ambani started reading out his speech but as there were hardly any triggers, the counter succumbed to selling pressure once again. Ambani's announcement that JFSL will enter the insurance segment came as no surprise to investors as the company's information memorandum has already laid out four key businesses that the company intends to target — retail lending, asset management, insurance, and digital payments. During the AGM, Ambani announced that JFSL will soon offer simple and smart products in life, general, and health through a seamless digital interface, potentially partnering with global players. He said the company will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way. “In payments, JFSL will consolidate its payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC.

startups interact with the digital world, Reliance announced the Jio True5G network. Moreover, Jio Smart Home Services will redefine how we experience and manage our homes.

During a discussion in which Taiwan's Digital Minister Audrey Tang, Matters' co-founder and current CEO Zhang Jieping, and Ethereum's co-founder Vitalik Buterin participated, an unexpected finding was made.

Jio Financial Services will enter the insurance sector, said Mukesh Ambani at Reliance's 46th annual general meeting (AGM) on Monday. "JFS will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way," said the Reliance Chairman. JFS plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services, he said. Mukesh Ambani talked about the joint venture of Jio Financial Services with US-based BlackRock, the world’s largest asset manager. «BlackRock is the world’s largest asset management company, managing assets worth over USD 11 trillion with a stellar reputation and track record.

Jio chairman Akash Ambani on Monday said that the JioBharat phones will now a UPI feature. While making the announcement at the 46th annual general meeting, Ambani said, «JioBharat phone is a gateway to digital independence for those who cannot afford smartphones.» «Jio Bharat also supports UPI payments.

Reliance Industries chairman Mukesh Ambani said the company is rapidly augmenting its talent pool and capabilities in artificial intelligence, especially the recent advances in generative AI, adding that the company will create up to 2000 MW of AI-ready computing capacity across both cloud and edge locations. “Within the RIL group, we are rapidly augmenting our talent pool and capabilities to swiftly assimilate the latest global innovations in AI, especially the recent advances in Generative AI,” Ambani said during RIL’s annual general meeting. He also said RIL will be developing India-specific AI models and AI-powered solutions. At the annual gathering of company shareholders, Ambani said India needs a digital infrastructure that can handle AI’s immense computational demands. “As the sector expands, we stand committed to create up to 2000 MW of AI-ready computing capacity, across both cloud and edge location. And we will do this while adopting sustainable practices and a greener future,” he said. He said India has the scale, data, and the talent to spur a homegrown AI revolution. “Seven years ago, Jio promised broadband connectivity to everyone, everywhere.

₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'. During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. "As an oil major, we recognize the immense responsibility that comes with our role in powering economies and making India Aatmanirbhar in the domain of energy by year 2047…We also recognize the need for a global effort to reduce global warming and the nation’s objective of achieving net-zero emissions by 2070.

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₹1.5 lakh crore over the next five years towards its transformative initiative, 'Project Aspire'. During the 70th annual general meeting, BPCL chairman G Krishnakumar emphasized the company's commitment to growth, sustainability, and a net-zero future. "As an oil major, we recognize the immense responsibility that comes with our role in powering economies and making India Aatmanirbhar in the domain of energy by year 2047…We also recognize the need for a global effort to reduce global warming and the nation’s objective of achieving net-zero emissions by 2070.

layoffs in 2022, according to data from AltIndex.com. However, it also creates an opportunity for companies with long-term plans to recruit and retain top talent. Tushar Dhawan, Partner, Plus91labs believes that it's crucial for corporations to adopt proactive measures in retaining talent during the challenging scenario of layoffs across the world.

Reliance Foundation. Reliance Industries Ltd said on Monday it has appointed Isha Ambani, Akash Ambani and Anant Ambani as directors to the board of the oil-to-telecoms.

Reliance Industries Limited (RIL) on Monday held its 46th Annual General Meeting (AGM) for its shareholders. This AGM comes just weeks after the listing of Jio Financial Services on India's stock exchanges.

In the intricate realm of cryptocurrency, Bitcoin stands at the forefront of strategic discussions, underscored by its formidable $5 billion trading volume that has adroitly positioned the asset back in the positive domain. 

The growth in the health segment was propelled by exponential growth in the government health business, which spurted 93% YoY. In July ’23, the gross written premium (GWP) for the industry grew 13% YoY to Rs 265 billion, fuelled by the health (up 33% YoY) and motor (up 15% YoY) segments. In July ’23, marine and commercial lines reported flattish YoY growth.

A recent report by Redseer Consulting estimated that India’s ecommerce market is expected to reach $163 billion by 2026 and online sales will account for over 25% of the sales across major retail categories barring grocery, by 2026. This phenomenal growth is propelled by several catalysts, most notably the expanding middle class, accessibility to high-speed internet across Tier 2 and Tier 3+ regions and brands adopting technology to offer seamless shopping experience to consumers. Retail brands across sizes are striding through the ecommerce wave and powering their businesses with technological platforms to cater to the rising consumer demand and with a positive outlook towards India’s economy.

Digital ruble scammers have reportedly struck in multiple Russian regions, with fraudsters apparently hoping to dupe citizens who do not yet fully understand how the CBDC works.

₹40 lakh per day. Also Read: Delhi: 4 arrested for defrauding US nationals of over $20 million. Details here According to the Deputy Commissioner of Police (DCP), the call center was employing software tools such as VICIdial and eyeBeam.

SINGAPORE — Southeast Asia's fourth largest bank OCBC suffered a short outage on Monday that affected its digital and card banking channels.

Nirmala Sitharaman on Monday said Jan Dhan Yojana-led interventions and digital transformation have revolutionised financial inclusion in the country, as more than 50 crore people have been brought into the formal banking system with cumulative deposits surpassing Rs 2 lakh crore. On the ninth anniversary of the Pradhan Mantri Jan Dhan Yojana (PMJDY), which is one of the biggest financial inclusion initiatives in the world, Sitharaman in her message said 55.5 per cent bank accounts have been opened by women, and 67 per cent have been opened in rural/semi-urban areas. Under the scheme, the number of bank accounts grew 3.4-fold from 14.72 crore in March 2015, to 50.09 crore as on August 16, 2023. Total deposits too have swelled from Rs 15,670 crore as of March 2015, to over Rs 2.03 lakh crore as of August 2023. The average deposits in Jan Dhan accounts have increased 3.8 times from Rs 1,065 as of March 2015, to Rs 4,063 in August 2023.

«When you are able to make a 5% risk-free rate in the US, then that is obviously going to be something that will put equity valuations all over the world into a question mark, so that is one thing that we need to keep in mind,» says Mahesh Nandurkar, Head of Research & MD, Jefferies.What is your market view after the recent rally, is it time now for markets to consolidate or the upside in the market is still left in the near term?Yes, I think the markets have had a decent run and my sense is that it is not simply because of the reason that there could be a consolidation phase ahead but also the other global risk that we need to keep in mind is the significantly higher US treasury yields. I mean, the risk-free rates in the US have gone back up to the peak levels that we saw back in March. So, when you are able to make a 5% risk-free rate in the US, then that is obviously going to be something that will put equity valuations all over the world into a question mark, so that is one thing that we need to keep in mind. Also, from the India standpoint, I think the Indian inflation itself was a big negative surprise, the last print that is, and my sense is that the inflation will probably stay at an elevated level at least for the next one quarter or so, so that will also push out the rate cut probabilities that some people were building in for the near term. So, yes, those are the reasons why I think there could be a breather, there could be a consolidation phase in the market over the next, say, one to two quarters or so.