Jio Financial Services will be an important player in India’s financial services sector, KV Kamath, Chairman of Reliance Industries’ demerged financial lending arm, said on August 21.

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He said Jio Financial Services (JFS) will seek to optimise all that India provides. His remarks came after the non-banking financial corporation made a lukewarm debut on the stock exchanges.

Shares of JFS opened at Rs 262 in its trading debut and fell as much as five percent to Rs 248.90, compared with the Rs 261.85 price set in a special trading session last month.

Jio Financial Services will trade under the Trade-To-Trade (T2T) segment for the first 10 days post listing. Under the T2T segment, stocks have to be bought only under the delivery method and are not eligible to be traded on an intraday basis. The stock will have a five percent circuit filter for the next ten trading sessions.

JFS was carved out of billionaire Mukesh Ambani-led Reliance Industries in July to help the oil-to-retail conglomerate expand in the financial services sector.

Reflecting on India, Kamath said the economy is in a growth momentum and it should be able to double its gross domestic product (GDP) in the next eight to nine years.

In an interview last week with CNBC-TV18, the former president of the National Bank for Financing Infrastructure and Development (NaBFID), said one of India’s biggest achievements is making finance available virtually at the fingertips.

He attributed this success to a series of initiatives that were set in motion earlier, including IndiaStack, Aadhaar and Jan Dhan after 2014, the push for data availability, the introduction of UPI, and the modernisation of the financial system.

He had also earlier stressed on India’s ability to become a $5 trillion economy. “It is entirely feasible for the nation to double its GDP by FY31.”