Jio may venture into mutual funds: Report

Reliance Jio Infocomm Ltd may make inroads into distributing mutual funds and other financial products in 2020, according to a Mint report. Three industry sources told the publication on condition of anonymity that the company’s payments platform JioMoney may start to sell mutual funds alongside their regular operations as a payments bank.

The company has been working on rolling out financial services for the past few months, a senior executive of a financial services firm aware of Jio’s plans told the website.

A Reliance Jio official who did not want to be named said that the company had been testing the offering among employees and the testing programme is in beta-phase for a few quarters now. The official told the publication that this would allow the company to test its network, infrastructure and plug loopholes before an official launch.