Jio Financial Services Limited (JFSL), a non-deposit-taking non-banking financial company, released its Business Responsibility and Sustainability Report for FY 2023-24. It provides an account of the business activities, practices of governance, and commitment to sustainability at large.
The company mainly deals with investment and lending activities, contributing 100% of its turnover. The company is listed on both NSE and BSE but only operates in India. The company’s headquarters are in Mumbai. JFSL expressed its interest in changing itself into a core investment company with long-term goals.
The report identifies several material issues that lie at the heart of JFSL’s business strategy. One of these is financial inclusion, which it considers would be a driver of societal progress. JFSL empowers underserved communities by allowing persons easy access to financial services and hence contributes to an inclusive economy.
Another key focus area for JFSL is digitalization. The group is highly oriented towards using technology in a way that enriches customer experience and smoothens internal processes towards sustainable growth. To meet new customer requirements, JFSL has invested in state-of-the-art digital solutions to make it efficient and future-ready.
Data privacy and security emerge as the top priorities at JFSL. More rigorous cybersecurity controls have been instituted by the firm to stem the leakage of sensitive information and reduce risks associated with such leakage. Being a financial services institution, JFSL understands the benefits of safeguarding customers’ data and is anchoring its business on that fact.
The report also sheds light on the corporate governance and transparency of JFSL. Within its very strong governance framework, there exist dedicated committees for auditing, risk management, and ethics. The company believes that ethical leadership and responsible decision-making are long-term imperatives.
Climate change is considered a key risk at JFSL, which has been oriented towards integrating practices for mitigating its carbon footprint through sustainability. The company is proactive in bringing about natural factors into its business activities in fighting climatic disruptions.
It is being emphasized that diversity and inclusion are inherent values at JFSL. It tends to create an open work environment so that innovation blooms to bring enhanced customer satisfaction. JFSL strongly believes in its employees’ diversity as a big driver of creativity and therefore a crucial factor for achieving business goals.
It also gives elaborate insight into employee demographics and workplace practices at JFSL. The company employs 60 people, with a gender distribution of about 63% male and the rest 37% female. JFSL is committed to employee health and safety. Comprehensive health and accident insurance coverage has been provided for employees. There are regular safety drills for a safe working environment.
Workforce management forms part and parcel of employee development in JFSL. The areas in which all its staff are trained to be well-equipped are health, safety, and skill development for discharging duties effectively. This company also has policies on diversity, equity, and inclusion and upholds the Rights of Persons with Disabilities Act.
JFSL links its practices in governance to a defined commitment towards transparency and ethical conduct. The company has adopted a zero-tolerance policy on bribery and corruption. The applicable policy is posted on its website. Another important dimension of how JFSL discharges its governance responsibility is stakeholder engagement, whereby the company engages actively with customers, employees, investors, regulators, and communities as a whole about their needs and concerns.
Apart from the business, JFSL is involved in various community and environmental activities through its association with Reliance Foundation. Its CSR activities concern the ‘promotion of financial literacy, environmental sustainability, and community development.’ These are kinds of activities that express JFSL’s wider concern for social responsibility and its role as a corporate citizen.
The 2023-24 Business Responsibility and Sustainability Report resonates with JFSL’s long-standing commitment to responsible business practices, sustainability, and ethical governance. The Group believes that it comprises the fundamentals of its long-term success and remains deeply committed to improving upon such performance parameters through continuous processes.
Source: BRSR
Credit: Jio Financial Services Limited