Jio Financial Services Limited (JIOFIN) announced on Tuesday that it will acquire State Bank of India’s remaining stake in Jio Payments Bank Limited (JPBL), making the payments bank its wholly owned subsidiary.

The shares of Jio Financial Services Ltd closed Tuesday at ₹206.25 up by ₹5.33 or 2.65 per cent on the NSE.

The company’s board approved the purchase of 7,90,80,000 equity shares from SBI for ₹104.54 crore (approximately $12.5 million). Jio Financial currently holds 82.17 per cent of JPBL’s paid-up equity share capital.

The acquisition requires approval from the Reserve Bank of India and is expected to be completed within 45 days after receiving regulatory clearance.

In a regulatory filing to the BSE and NSE , Jio Financial confirmed that the transaction is not a related party deal and that none of the company’s promoter groups have interests in the acquisition.

JPBL was established as a joint venture between Jio Financial Services (formerly known as Reliance Strategic Investments Ltd) and SBI.

The announcement comes as Jio Financial Services, part of billionaire Mukesh Ambani’s conglomerate, continues to expand its footprint in India’s growing digital financial services market. The company’s board meeting concluded at 2:05 PM on March 4, 2025.