Mumbai: Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd could foray into distributing mutual funds and other financial products in the new year, said three industry officials aware of the development, requesting anonymity. “Reliance Jio has been working on rolling out financial services for a few months now. India’s mutual fund industry, with around 20 million unique investors, or just 1.6% of India’s population, is worth ₹27 trillion. Reliance Industries Ltd, which entered the payments bank segment with Jio Payments Bank Ltd in April 2018, is looking to expand its branch network to 70,000 locations. According to its website, Jio Payments Bank will soon roll out services to customers.

Source: Mint January 01, 2020 17:48 UTC