JioFinance Launches New App for Financial Services

Key Takeaways from the App Launch 

• JioFinance app now live, offering loans, savings, and payment services.
• Features include loans on mutual funds, home loans, and loans against property.
• JPBL digital savings accounts can be opened in under 5 minutes with 1.5 million users.
• 24 insurance plans are available digitally, with investment solutions coming soon.

The full version introduces new financial services, including loans on mutual funds, home loans, and loans against, all offering competitive rates. It also allows one to open a digital savings account in under five minutes, with more than 1.5 million customer base being the daily users of JPBL for transactions. Besides this, the app offers support for UPI payments, mobile recharges, and credit card bill payments.

Further, JioFinance provides an overview of users’ bank accounts and mutual fund holdings and offers access to 24 insurance plans. A collaboration with BlackRock promises to bring innovative investment solutions to the platform soon.

About Jio Financial Services Limited (JFSL) 

Jio Financial Services Ltd. (JFSL) is a modern financial institution offering comprehensive services that allow customers to borrow, save, invest, and transact efficiently. Taking a digital-first perspective, JFSL wants to contribute most to the financial well-being of Indians through the JioFinance app, which is integrated into loans, savings accounts, UPI payments, recharges, digital insurance, and financial management applications. Formerly incorporated under the name of Reliance Strategic Investments Private Limited on July 22, 1999, the name was subsequently changed to Reliance Strategic Investments Limited in 2002. After demerger from Reliance Industries Ltd. in July 2023, the name was changed to Jio Financial Services Ltd. JFSL has been listed on the BSE and NSE since August 21, 2023.

Key takeaways from Tata Elxsi Financial Performance:

• Tata Elxsi reported a 15% year-on-year increase in net profit to Rs 229 crore for Q2 FY25, with revenue from operations rising 8% to Rs 955 crore.
• The transportation segment experienced an 8.8% quarter-on-quarter revenue growth, supported by a $50 million contract with a European client.
• CEO Manoj Raghavan highlighted a 70 basis point increase in EBITDA margins to 27.9% and a 24.6% QoQ growth in profit after tax, driven by strategic expansions in India and Japan.
• The healthcare and life sciences segment saw a 10% quarter-on-quarter revenue decline due to delays in program renewals with a major US customer.

Revenue from the transportation segment grew by 8.8% quarter-on-quarter, bolstered by new contracts, including a $50 million multi-year deal with a European client.

Manoj Raghavan, CEO and Managing Director, of Tata Elxsi said, "Our operational and offshore delivery excellence, fiscal discipline, and differentiated offerings, have contributed to our EBITDA margins expanding by 70 basis points to 27.9% for the quarter. Our PAT grew by 24.6% QoQ to Rs 229.4 crore, with the superior bottom-line performance further aided by R&D incentives and tax credits from previous years. Our strategic focus on expanding our business in Japan, and emerging markets and capitalising on the India opportunity, is now starting to significantly contribute to our growth. During the quarter, our revenue from India grew by 31.2% YoY, while Japan and emerging markets grew smartly at 81.9% YoY.

"Our transportation business continues to power growth for the company, registering a strong revenue growth of 8.8% QoQ. Our deep and scaled ADAS, Connected, Electric and Software Defined Vehicle (SDV) capabilities are helping us win large deals with global OEMs across the world, positioning us well for the continued transformation of the automotive industry," added Raghavan.

However, the healthcare and life sciences segment experienced a 10% decline in revenue quarter-on-quarter, attributed to delays in renewing and initiating certain new programs with a major US-based customer.

About Tata Elxsi Limited:

Tata Elxsi is one of the top global providers of design and technology services across various sectors, including Automotive, Broadcast, Communications, Healthcare, and Transportation. The company assists clients in rethinking their products and services by utilising design thinking and implementing digital technologies like IoT (Internet of Things), Cloud, Mobility, Virtual Reality, and Artificial Intelligence.

Key Takeaways from the Deal

• Aurionpro won a multi-million-dollar deal with one of the leading Saudi banks.
• The iCashpro+ platform is enabled for both conventional and Shariah-compliant banking.
• Features AI-powered tools that enhance operations as well as customer experience.
• The service allows for faster onboarding and launch of products but is customised for corporate customers.

iCashpro+ was selected for its strong performance, flexibility, and future-proof architecture, allowing for quick customer onboarding and accelerated product launches. Arya.ai automation brings the solution to the next level in terms of enhancement of personal and context-driven interaction aligned with the needs of corporate users. The platform helps the bank improve operational efficiency through AI-based cash-flow forecasting and virtual account management of liquidity and receivables management, yet maintaining some aspects of customer experience that are poised to be the best competitor across marketplaces.

This partnership underlines the leadership of Aurionpro in digital banking transformation through its advanced iCashpro platform, capable of supporting both conventional and Shariah-compliant banking systems.

Commenting on the deal, Ashish Rai, CEO of Aurionpro, said: “We are thrilled to announce this win that extends Aurionpro's reach in the strategic Saudi Arabian market and further solidifies our position as the partner of choice for leading banks and financial institutions in the Middle East. With iCashpro+, the bank will gain access to one of the most advanced platforms in the market that includes AI-driven automation to offer a superior experience to its corporate clients.” 

About Aurionpro Solutions Limited 

Aurionpro Solutions Ltd. is a leading provider of advanced technology solutions, primarily serving the banking, mobility, payments, and government sectors. The company employs its Advanced and Accelerated Platform-led Transformation (ADAPT) approach, integrating multiple technology solutions to drive large-scale enterprise transformation worldwide. With a team of over 2,400 professionals, Aurionpro is dedicated to delivering customised services to its global client base.

Key Takeaways from Bandhan Bank's Recent Surge:

• Bandhan Bank shares jumped by 7% on October 11, 2024, following two major announcements.
• The RBI approved the appointment of Mr. Partha Pratim Sengupta as the new Managing Director and CEO, bringing nearly four decades of banking experience to the role.
• The bank also made a claim of ₹347 crore under the Emergency Credit Line Guarantee Scheme (ECLGS), which is expected to be submitted after a forensic audit.

The key announcements driving the 7% surge in Bandhan Bank's shares include the RBI's approval of Partha Pratim Sengupta as the new MD & CEO and the bank’s significant claim update under CGFMU and ECLGS. Bringing nearly four decades of banking experience. Sengupta, with close to four decades of banking experience, has held leadership positions at the State Bank of India (SBI) and Indian Overseas Bank (IOB). His strong track record of leveraging technology and innovation is expected to steer Bandhan Bank toward further growth and operational excellence.

Providing a detailed update on its claim under the Credit Guarantee Fund for Micro Units (CGFMU) and the Emergency Credit Line Guarantee Scheme (ECLGS), both of which are managed by NCGTC. The bank announced a claim payout of ₹1,231.29 crore under the CGFMU scheme. Of this, ₹916.61 crore had already been received, and the remaining ₹314.68 crore will be reflected in the bank’s financials. Additionally, the bank made claims under the ECLGS scheme, with an expected fresh claim submission of ₹347 crore following the completion of a forensic audit.

About Bandhan Bank

Incorporated in 2014, Bandhan Bank is a commercial bank focused on serving underbanked and underserved markets across India. It offers a wide range of banking products and services, including micro and general banking solutions. Originally established as Bandhan Financial Services Pvt. Ltd. (BFSL) in 2006, it was the largest NBFC-MFI in India until 2014. After receiving a banking license from the RBI, Bandhan Bank began operations in 2015, taking over BFSL’s microfinance portfolio.