Jio Financial Takes Full Control Of Jio Payments Bank After Buying SBI stake

Jio Financial Services Ltd. on Wednesday said it has acquired 79.08 million shares of Jio Payments Bank Ltd. from State Bank of India for ₹1.05 billion, following approval from the Reserve Bank of India.

With this deal, Jio Payments Bank has now become a wholly-owned subsidiary of Jio Financial. The payments bank was earlier a joint venture between Jio Financial Services and SBI.

The board of Jio Financial had cleared the proposal in March.