Latest news with #JFS
Mint
3 days ago
- Business
- Mint
Jio Financial Services acquires 7.9 crore shares of Jio Payments Bank from SBI — Details here
Billionaire Mukesh Ambani-led Reliance Group's non-banking financial services arm, Jio Financial Services (JFS), on Wednesday, 18 June 2025, announced that the company has acquired more than 7.9 crore equity shares of Jio Payments Bank Limited (JPBL) from the State Bank of India (SBI), according to an exchange filing. As per the filing data, the total value of the deal is estimated to be at ₹ 104.54 crore after approvals from the central bank, the Reserve Bank of India (RBI). After the acquisition deal, Jio Payments Bank will become a wholly-owned subsidiary of Jio Financial Services. According to an earlier PTI report, from March 2025, JFS held an 82.17 per cent stake in Jio Payments Bank, and was planning to make an acquisition move to buy out SBI. 'The Company has today at around 3.27 p.m acquired 7,90,80,000 equity shares of Jio Payments Bank Limited (JPBL) from State Bank of India for an aggregate consideration of ₹ 104.54 crore pursuant to the approval received from Reserve Bank of India on June 4, 2025. Consequent to this acquisition, JPBL has become a wholly owned subsidiary of the Company,' said the company in the BSE filing. Jio Financial Services shares closed 0.62 per cent lower at ₹ 288 after Wednesday's stock market session, compared to ₹ 289.80 in the previous market close. The company announced the acquisition update after the market operating hours on 18 June 2025. Since its listing on the Indian stock market in August 2023, the shares of Jio Financial Services have given market investors over 34 per cent returns on their investment. However, the shares have lost 20.77 per cent in the last one-year period. On a year-to-date (YTD) basis, the shares are down 5.49 per cent, but are trading 3.86 per cent higher in the last one-month period. The shares of the NBFC hit their 52-week high level at ₹ 368.30 on 20 June 2025, while the 52-week low level was at ₹ 198.60 on 3 March 2025, according to BSE data. JFS' market capitalisation (M-Cap) stood at more than ₹ 1.82 lakh crore as of the stock market close on Wednesday, 18 June 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Yahoo
14-06-2025
- Health
- Yahoo
Jewish Family Services receives $400K for opioid use support program
Niagara County and New York State have awarded Jewish Family Services $400,000 to provide services to those impacted by opioid use. The county awarded a $350,000 two-year grant to JFS for a comprehensive career support and care management recovery program at its Niagara Falls office. The state Office of Faith and Nonprofit Development Services awarded $50,000 to develop a community resource room for families served by care coordination and health home programs and for new American families. Both plan to start later this year. 'From addressing behavioral health and wellness needs to help prevent relapse and post-lasting recovery, to providing a safe space for families to work toward securing self-sustainability, JFS staff is committed to empowering individuals with the resources needed for long-term success,' said Jewish Family Services CEO Molly Carr in a statement. Around 12% of clients enrolled in JFS's Niagara County-based health home program have suffered from opioid use disorder, substance abuse, and other mental health conditions. It helped between 250 and 300 clients in the county in 2023. 'While those in recovery are faced with many challenges, one of the biggest can be getting back into the workforce,' said County Legislator Jesse Gooch, chair of the Community Services Committee. 'The JFS program has a focus on employment services, something that is sorely needed, which is why we were happy to award them grant funding through the opioid settlement fund.' The community resource room will have laptops, internet access, printers, scanners, and noise-cancelling headphones on hand. Case managers will be available by appointment for job application help and technology and interpretation services. JFS opened its Niagara Falls office on Third Street last August, with case workers there working on career services and refugee resettlement programming. It has operated in Buffalo since 1862, starting Niagara County services in 2021. It was one of many area nonprofits that had to cut positions earlier this year after the Trump administration froze funds meant for agencies that help new refugee arrivals. It partnered with four other Buffalo agencies to raise $1.5 million in February and March to cover funding shortfalls.
Malaysiakini
28-05-2025
- Politics
- Malaysiakini
LGBTQ+ folk face isolation, bullying amid PAS initiatives
Growing anti-LGBTQ+ rhetoric spurred by the recent signboard initiative in PAS-led states risks deepening self-censorship and social isolation within the community, cautioned rights group Justice for Sisters (JFS). JFS co-founder and researcher Thilaga Sulathireh asserts that the initiative, framed under the guise of morality, will only further marginalise the LGBTQ+ community and entrench fear in public discourse. She also anticipates a rise in...
Time of India
27-05-2025
- Business
- Time of India
Can Ambani do mutual fund magic with Aladdin?
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Billionaire Mukesh Ambani , the chairman of Reliance Group , is entering a business which has grown suddenly in recent years: mutual funds. Jio BlackRock Asset Management , a 50:50 JV between Jio Financial Services of Reliance and the world's largest asset manager, BlackRock Inc, has received a nod from India's markets regulator Sebi to start operations for their mutual fund business.'JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country's investment ecosystem,' said Sid Swaminathan, the newly appointed Managing Director & BlackRock Asset Management plans to launch a range of investment products in the coming months based on a "digital first" approach for retail and institutional investors. The products will apply BlackRock's capabilities in data-driven investing including ' Aladdin ', the US-based firm's investment and risk management system, Jio BlackRock is Aladdin?Aladdin is short for Asset, Liability , and Debt and Derivative Investment Network. Much like Amazon that commercialised its cloud platform after using it for captive purposes, BlackRock developed the Aladdin portfolio management system for its own holdings. It was then sold to clients as a software as a service to manage risk, move money across asset classes and analyse consumer data, besides tracking fund performance and changing portfolio values.'Aladdin will find a perfect launch pad in JFS as Mukesh Ambani's financial services play rests on a digital backbone from his existing ecosystem,' an official in the know had told ET when the JV was being formed. 'Although lending to consumers and merchants will be JFS's mainstay, it will look to also bulk up its non-lending side like insurance and asset and wealth management as well.'The Aladdin platform combines sophisticated risk analytics with comprehensive portfolio management, trading and operations tools on a single platform to power informed decision-making, effective risk management, efficient trading and operational to BlackRock, as a central processing system for investment management, Aladdin integrates and connects functions that help manage money. From portfolio management and trading to compliance, operations, and risk oversight, Aladdin brings together people, processes, and systems to help support a seamless investment process. Aladdin allows teams across investments, trading, operations, administration, risk, compliance, and corporate oversight to use a consistent process and share the same data. Aladdin creates value by helping to enable informed decision-making, effective risk management, and efficient and its risk analytics are relied upon by over 200 institutions, including BlackRock. Clients include insurers, pensions, corporations, asset managers, banks, and official Nair, the global head of Aladdin at BlackRock and a senior managing director and member of Blackrock's Global Executive Committee, had told Fortune in an interview two years ago, "Aladdin, in its beginning days, began as a risk-management technology, helping to understand the answers to very basic questions like: What do I own? And where do I own it? And what is the performance of this asset relative to the benchmark. And it just grew and grew. And the more you can keep all of your employees on the same page, using the same data, collaborating on the same technology, the more effectively you can serve your clients and the more efficiently you can operate."Aladdin fits well into Ambani's plan of using data and technology to disrupt the Indian financial markets. Apart from deep pockets, both Ambani and Blackrock bring tech and data to the table. Ambani has spoken about his plans to offer tech-enabled access to affordable, innovative investment solutions for millions of investors in India. While the consumer data generated by Ambani's retail and telecom business will come handy for the asset management JV, BlackRock brings to Ambani its famed asset management technology, and Aladdin — the deep pockets, market experience and execution power of Reliance plus the expertise in investment and risk management and sharp technology of BlackRock — have come together to bite into a growing mutual fund market in India. The assets under management (AUM) of the Indian mutual fund industry touched the Rs 70 lakh crore mark."India's asset management industry is undergoing a structural transformation, driven by rising investor maturity, fintech adoption, and regulatory reforms," Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd., has written in ET. "With assets under management in direct mutual fund plans growing steadily, the sector is witnessing a democratisation of investment, spearheaded by younger, digital-first investors. This evolving landscape presents a compelling opportunity from an investment perspective. This transition has been accelerated by the rise of fintech platforms like Groww and Zerodha , which offer commission-free investment options with easy digital onboarding. While corporates continue to dominate direct AUM at 61%, retail participation is gaining traction, particularly through systematic investment plans (SIPs)."India's mutual fund landscape, being reshaped by technology and retail investors, is a perfect playground for Jio BlackRock Asset Management. Many think re-entry of Blackrock, after it ended its JV with DSP five years ago by selling its 40% stake to the partner, through JV with Jio Financial Services, will become a Reliance Jio-like disruptor for the mutual fund industry. But India's mutual fund industry is different from the telecom industry with just a few incumbents. The mutual fund industry is highly regulated and rules out Ambani's signature aggressive price play which had left telecom incumbents bruised and battered. However, Ambani will hope to ride on the huge scale that the business promises and fast-changing money habits of Indians who are drawn to mutual funds so much that banks are running low on deposits. Plus, the JV will ride on the data trails of lending and payments businesses of Jio Financial Services which, in turn, is driven by data from telecom and retail businesses of Ambani.
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Business Standard
27-05-2025
- Business
- Business Standard
Jio BlackRock AMC gets Sebi approval, names Sid Swaminathan as CEO
Jio BlackRock Asset Management (AMC) has received the final approval from the Securities and Exchange Board of India (Sebi) to start a mutual fund (MF) business, the company said on Tuesday. The approval to the 50:50 joint venture between Jio Financial Services (JFS) and BlackRock takes the number of players in the ₹70-trillion MF industry to 48. The MF licence is a key milestone for the venture, which was first announced on 26 July 2023. The company had received in-principle approval from Sebi for the MF foray on 4 October 2024. Jio BlackRock said it plans to offer innovative products at competitive pricing. 'Key differentiators for all investors of the Jio BlackRock offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock's pre-eminent risk management expertise,' it said in a release, while highlighting BlackRock's proprietary technology platform, Aladdin. The joint venture will be headed by Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO). He was previously Head of International Index Equity at BlackRock, where he was responsible for assets under management (AUM) of $1.25 trillion, according to the release. 'Our [JFS] partnership with BlackRock is a powerful combination of global investment expertise and Jio's digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian,' said Isha Ambani, Non-Executive Director, JFS.
