Jio Financial Services (JFSL), the financial services arm of Reliance Industries, has announced that it will buy out the State Bank of India’s (SBI) stake in Jio Payments Bank. The deal involves JFSL purchasing 7.9 crore shares worth ₹104.54 crore, making Jio Payments Bank a wholly-owned subsidiary of JFSL. This acquisition aims to enhance JFSL's position in the payments and banking sectors, giving it full control over the joint venture that was previously shared with SBI.
The acquisition is pending approval from the Reserve Bank of India (RBI), and JFSL expects to finalize the transaction within 45 days after receiving the necessary approval. This move is part of JFSL's broader strategy to strengthen its presence in digital banking and financial services.
Jio Financial Services to Buy SBI Stake in Jio Payments Bank: in Short
- Jio Financial Services is taking full control of Jio Payments Bank.
- The acquisition involves buying 7.9 crore shares from SBI.
- The deal is subject to approval from the Reserve Bank of India.
- JFSL is expanding its presence in the payments and banking sectors.
- This move highlights JFSL's growing role in the financial services market.
Jio Financial Services to Purchase SBI Stake and Control Jio Payments Bank
With this strategic acquisition, Jio Financial Services is positioning itself for greater influence in the digital banking and financial services market. The deal not only strengthens JFSL’s control over Jio Payments Bank but also paves the way for more comprehensive financial offerings. Once the acquisition is approved by the RBI, JFSL will continue to expand its footprint in the Indian financial sector, further consolidating its business in payments, credit, and wealth management.
Jio Financial Services has already made strides in offering digital banking services through the Jiofinance app, and this move further underlines its long-term commitment to shaping the future of finance in India. The partnership with global investment giant BlackRock will also play a significant role in expanding JFSL’s wealth management business.
