The RIL’s board approved the appointment of Hitesh Kumar Sethi as managing director and chief executive officer of the new entity for a period of three years, subject to the Reserve Bank of India’s approval. Isha Mukesh Ambani and Reliance executive Anshuman Thakur have been appointed as non-executive directors.

Besides, former Union Home Secretary Rajiv Mehrishi, former MD and CEO of Punjab National Bank Sunil Mehta, and Bimal Manu Tanna, a chartered accountant who worked with PwC, have been appointed as independent directors on the board of RSIL. “The directors will be appointed for a term of five consecutive years up to July 6, 2028, subject to the approval of the members.”

Reliance has been building a vibrant financial services platform to create value for every stakeholder. JFSL is uniquely positioned to capture multiple growth opportunities in financial services bringing millions of Indians into formal financial institutions. It will be a technology-led business, delivering financial products digitally by leveraging the nationwide omnichannel presence of Reliance’s consumer businesses, as per the company.

JFSL plans to acquire liquid assets to provide adequate regulatory capital for lending to consumers and merchants. Besides, it will incubate other financial services verticals such as insurance, payments, digital broking, and asset management for at least the next three years of business operations.

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RIL special pre-open session

Jio Financial share price fixed at ₹261.85 after demerger; RIL up 1.5%