Jio Financial Acquires Full Ownership of Jio Payments Bank After Rs 104.54 Cr SBI Stake Buyout
Jio Financial Services Ltd (JFS) has acquired State Bank of India’s (SBI) entire 17.8% stake in Jio Payments Bank for Rs 104.54 crore, marking a key milestone in its digital banking ambitions. With this acquisition, Jio Payments Bank becomes a wholly owned subsidiary of JFS, further consolidating the company’s presence in India’s fast-growing digital finance ecosystem.
The transaction involved the transfer of 7.9 crore equity shares, placing Jio Payments Bank’s overall valuation at approximately Rs 586 crore. The ownership shift, which raises JFS’s stake from 82.17% to 100%, is subject to regulatory approval from the Reserve Bank of India (RBI).
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Launched in 2018 as a joint venture between Reliance Industries-backed JFS and SBI, Jio Payments Bank has become a significant player among India’s payments banks, serving 1.89 million CASA customers as of December 2024. Payments banks, as per RBI norms, are allowed to accept deposits of up to Rs 2 lakh per customer and focus on digital transactions, financial inclusion, and small-value banking services.
The acquisition is seen as a strategic move that aligns with Jio Financial’s broader push into digital banking, fintech solutions, and payment technologies. This comes on the heels of the launch of the JioFinance app, and recent partnerships in wealth management and digital lending.
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The announcement also boosted investor sentiment, with shares of Jio Financial Services witnessing an uptick following the news. The move is expected to enable JFS to accelerate product innovation, scale up operations, and create a seamless digital financial experience for its growing customer base.
With full control over Jio Payments Bank, JFS is well-positioned to play a leading role in shaping the future of financial inclusion and digital transformation in India’s fintech space.
Disclaimer: This post is for general informational purposes only. It does not constitute financial advice. Please consult a qualified professional before making financial decisions.
