Jio financial Services is all set to enter insurance business in India. ET NOW has reliably learnt from sources that the company has started recruiting resources and is expected to ‘soon’ approach the IRDA for a license.
Sources told your channel that certain ex-PSU resources have already been hired by the company. Highly placed sources told ET NOW that few big names from ICICI group are also expected to join the company. The company will be venturing into life, as well as non-life businesses and the roadmap will be unveiled in the forthcoming AGM.
Analysts believe that technology will play a big role in tier II and tier III cities and the government is also expected to come up with Insurance Amendment Act. Companies like LIC are also expected to alter their strategy in light of the Jio entry into insurance business.
Meanwhile, Reliance shares traded in green on Tuesday. at about 12.30 pm, Reliance shares were trading at Rs 2263 apiece, about 2.80 per cent higher
