His latest fintech business under Jio Financial Servics Ltd (JFSL) aims to ride on extensive consumer network as well the data Reliance has acquired. It thinks higher consumption and digitalization will fuel the growth in financial services industry. Businesses like Aditya Birla Capital Angel One and Muthoot Fincorp are building one-stop applications for all sets of financial services, ET has reported. It is likely to apply for a licence to operate on UPI, India's public digital payments network, Financial Times has reported. Adani already has a super app, Adani One, which will be the platform of its financial services business.

Source: Economic Times May 31, 2024 19:05 UTC