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The joint venture between Reliance's Jio Financial Services and BlackRock has received regulatory clearance to launch four equity funds and one debt fund.

As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.
Its lending business is doing the heavy lifting while payments and asset management lag, raising questions over its full-stack narrative.
As retail interest in public issuances fades, mutual funds are filling the gap—funding promoter exits and delivering subpar returns to the very investors they represent.