Jio Financial Services on Wednesday announced that it has acquired 79,080,000 equity shares of Jio Payments Bank (JPBL) from the State Bank of India (SBI) for ₹104.54 crore.
Consequent to this acquisition, JPBL has become a wholly owned subsidiary of Jio Financial.
Prior to this transaction, Jio Financial held an 82.17 per cent stake in JPBL, with SBI owning the remaining 79.08 million shares, or 17.83 per cent.
This strategic move was finalised on 18 June 2025, following approval from the Reserve Bank of India (RBI), which was granted on 4 April 2025.
The shares were acquired for a total consideration of ₹104.54 crore, translating to ₹13.22 per share, a deal approved by Jio Financial Services’ board on 4 March 2025.
This acquisition marks a further step in Jio Financial’s strategic consolidation efforts following its demerger from the Mukesh Ambani-led Reliance Industries (RIL).
RIL and SBI launched their payments bank operations in 2018 through a joint venture, with RIL holding a 70 per cent stake and SBI owning 30 per cent. On 27 August 2024, Jio Financial Services—created after the demerger of Reliance’s financial arm—infused ₹68 crore into JPBL by subscribing to 68 million fresh equity shares at ₹10 each, raising its stake from 78.95 per cent to 82.17 per cent.
In October 2022, Reliance revealed plans to demerge its financial services arm into Reliance Strategic Investments as part of a broader group restructuring exercise. The new entity was later renamed Jio Financial Services and subsequently listed on the stock exchanges in August 2023.
Consolidation and BlackRock partnership
Full control of JPBL is expected to support Jio Financial’s ecosystem-led approach, including the upcoming mutual fund and investment advisory venture with BlackRock.
Earlier this month, Jio BlackRock Investment Advisers Private Limited (JBIAPL)—the 50:50 joint venture between Jio Financial Services and global asset management giant BlackRock—received registration from the Securities and Exchange Board of India (Sebi) to operate as an investment adviser.
In May, Jio BlackRock Asset Management received Sebi’s final approval to launch its mutual fund operations, following the in-principle clearance granted on 4 October 2024.
