Jio Financial Acquires SBI Stake: Full Control Over Payments Bank
Jio Financial Services Ltd has acquired the 17.8% stake of the State Bank of India in Jio Payments Bank Ltd for Rs 104.54 crore, making the payments bank a wholly-owned subsidiary following approval from the Reserve Bank of India. JFSL now holds 100% ownership.
- Country:
- India
In a significant move, Jio Financial Services Ltd (JFSL) announced on Wednesday that it has fully acquired the 17.8% stake of State Bank of India (SBI) in Jio Payments Bank Ltd. The transaction was valued at Rs 104.54 crore, following regulatory endorsement by the Reserve Bank of India.
With this strategic acquisition, Jio Payments Bank has transitioned into a wholly-owned subsidiary of JFSL, reinforcing the company's control over its financial operations. Prior to this deal, Jio Financial held an 82.17% stake in the bank.
This acquisition underscores JFSL's commitment to expanding its footprint in the financial sector, leveraging full ownership to drive innovative banking solutions.
(With inputs from agencies.)
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- Jio
- Financial
- Services
- SBI
- Payments
- Bank
- Acquisition
- Stake
- Ownership
- Subsidiary
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