Jio Financial Services announced on November 16 that the Reserve Bank of India (RBI) has granted approval for the appointment of three directors to its board. In an exchange filing, the company stated, “We wish to inform you that RBI vide letter dated November 15, 2023, has accorded its approval for the appointment of Isha Mukesh Ambani, Anshuman Thakur, and Hitesh Kumar Sethia as directors of the company.”
The approval from RBI is valid for a duration of six months from the date of approval. The RBI letter outlined that if the company fails to implement the proposed changes within this timeframe, it will be required to reapply, providing reasons for the delay.
Shares of Jio Financial Services experienced a 0.6 percent increase from the previous close, trading at 225.60 on the BSE. In the financial report for the September quarter, the company revealed a substantial 101 percent surge in consolidated Profit After Tax (PAT) at Rs 668 crore. This figure includes dividend income of Rs 371 crore, with Rs 154 crore attributed to associates.
As of September 30, 2023, the consolidated total assets of Jio Financial Services stood at Rs 1,19,598 crore. The company continues to make strides in the financial sector, with the recent directorial appointments marking a significant development in its corporate governance structure.