Reliance Industries Ltd (RIL) to demerge its financial service arm. Reliance Strategic Investments Ltd (RSIL) will be renamed Jio Financial Services Ltd (JFSL). JFSL would be listed on the Indian stock exchanges. Now, RSIL is a wholly-owned subsidiary of RIL. It is an RBI-registered Non-Deposit taking. Systematically Important (ND-SI) NBFC. RIL shareholders will get one equity share of JFSL of the face value Rs 10. This would be for one fully paid-up equity share of Rs 10 in RIL. JFSL and its subsidiaries will focus on the digital delivery of financial products. The goal is to reach 1.4 billion Indians.
