1978 batch retired IAS officer and former CAG, Mr Rajiv Mehrishi, has been appointed to the board of demerged financial services unit of Reliance Industries Ltd. He and Mukesh Ambani’s daughter Isha Ambani are among the directors on the board.

It is worth mentioning here that Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL).

Based on proprietary data analytics, the financial arm of Reliance will lend to consumers and merchants based on proprietary data analytics and will eventually branch out to insurance, payments, digital broking and asset management.

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As per the details, every Reliance shareholder will get one share of the new firm for every share held in the parent.

The effective date of the demerger has been fixed as 1 July, while the firm has fixed 20 July as the record day for allocating shares of the new company, according to the company’s stock exchange filing.