Reliance’s financial services unit to offer insurance, merchant lending

Jio Financial Services, the financial services unit of Mukesh Ambani-run Indian conglomerate Reliance Industries, plans to expand to merchant lending and insurance, Ambani said at Reliance’s annual general meeting in a speech that is likely to have a repercussions for countless startups.
“JFS will massively increase financial services penetration by transforming and modernising them with a digital-first approach that simplifies financial products, reduces cost of service, and expands reach to every citizen through easily accessible digital channels,” he said.
“For tens

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