Jio Financial Services Ltd (JFSL) has announced its decision to acquire the entire 17.83% stake of the State Bank of India (SBI) in Jio Payments Bank Ltd (JPBL) for ₹104.54 crore. This move will make Jio Payments Bank a wholly owned subsidiary of JFSL, strengthening its presence in India’s financial services sector.
Key Highlights of the Acquisition
- Current Stakeholding: JFSL already holds 82.17% of JPBL, while SBI owns the remaining 17.83%.
- Share Acquisition: The deal involves the purchase of over 7.90 crore equity shares from SBI.
- Transaction Value: The total acquisition cost is ₹104.54 crore.
- Regulatory Approval: The acquisition is subject to approval from the Reserve Bank of India (RBI).
- Expected Completion: The transaction is likely to be completed within 45 days after receiving regulatory clearance.
Jio Financial’s Strategic Move in Banking Sector
Jio Financial Services, backed by Reliance Industries, has been expanding its footprint in digital banking and financial services. By acquiring full control of Jio Payments Bank, JFSL aims to enhance its digital banking operations, improve financial inclusion, and introduce innovative banking solutions for consumers.
Regulatory Compliance & Future Developments
The deal is pending approval from RBI, which regulates banking and financial institutions in India. Once the approval is granted, JFSL will proceed with integrating Jio Payments Bank into its broader financial ecosystem. This move is expected to bring enhanced banking solutions and seamless digital financial services under Jio’s umbrella.
