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Jio Financial now focuses on investments after RBI nod for CIC status
The Business Guardian
|July 13, 2024
Jio Financial Services has secured approval from the Reserve Bank of India (RBI) to transition from a NonBanking Financial Company (NBFC) to a Core Investment Company (CIC), as announced in an official statement on Thursday.
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The company confirmed, “Further to the disclosure dated November 21, 2023, the Company has today received from the Reserve Bank of India approval for conversion of the Company from NonBanking Financial Company to Core Investment Company.”
A Core Investment Company, defined by the RBI, is a specialized NBFC with a minimum asset size of Rs 100 crore. According to RBI guidelines outlined in a circular dated December 20, 2016, a CIC primarily focuses on acquiring shares and securities, subject to specific conditions.
One critical condition stipulated by the central bank mandates that a CIC must hold not less than 90 percent of its net assets in the form of investments in equity shares, preference shares, bonds, debentures, or loans in group companies.
Diese Geschichte stammt aus der July 13, 2024-Ausgabe von The Business Guardian.
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