Jio Financial Services could become fifth largest fin service entity: Study

Reliance firm can disrupt payments business and become a threat to other fintech models, say analysts

Jio Financial Services (JFS), owned by Reliance Industries and set for demerger and listing, could become India’s fifth largest financial services firm, said a report by Macquarie Research on Tuesday.

HDFC Bank, State Bank of India, ICICI Bank, and Axis Bank are the four top companies in the business. JFS has significant scope to expand its balance sheet. “Assuming 6.1 per cent stake in Reliance Industries Ltd realised over time, with a Rs 1 trillion net worth JFS could be the 5th largest financial services firm in the country,” said Suresh Ganapathy, Aditya Suresh, and Param Subramanian in the report.