Jio Financial gets RBI nod to become core investment company

The Reserve Bank of India (RBI) approved conversion of Jio Financial Services from a Non-Banking Financial Company (NBFC) to a Core Investment Company (CIC), the company said. Jio Financial, the financial services arm of Reliance Industries, applied to become a CIC last year. According to RBI, a CIC is a specialised NBFC with a minimum asset size of ₹100 crore.