Jio Financial Services Limited (JFSL) has announced the acquisition of the remaining stake in Jio Payments Bank Limited (JPBL), making it a wholly-owned subsidiary. The company currently holds an 82.17% stake in JPBL, a joint venture with the State Bank of India (SBI).
In a board meeting held on March 4, 2025, JFSL approved the purchase of 7,90,80,000 equity shares of JPBL from SBI for a total consideration of ₹104.54 crore. This acquisition is subject to regulatory approval from the Reserve Bank of India (RBI) and is expected to be completed within 45 days of receiving the necessary clearances.
The company has clarified that the transaction is not a related-party deal, and none of its promoter or group entities have any interest in the acquisition. With this move, Jio Financial Services aims to strengthen its position in the digital banking and payments sector, leveraging JPBL’s infrastructure to expand its financial services portfolio.
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