Jio Financial acquires SBI's stake in payments bank JV
05 Mar 2025, 10:32 PMJio Financial Services acquires SBI's 17.8% stake in Jio Payments Bank for Rs 104.54 crore.
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Jio Payments Bank, a joint venture between Jio Financial Services and the State Bank of India (SBI), is set to become a wholly-owned subsidiary of the Mukesh Ambani-promoted financial services company.
Jio Financial Services Ltd has announced that its board has approved the acquisition of 17.8% stake or 7.9 crore shares in Jio Payments Bank from SBI for a total consideration of Rs 104.54 crore.
Following this transaction, Jio Financial, which owns an 82.17% stake in the payments bank, will make the target a wholly-owned subsidiary, the company said in a regulatory filing.
The acquisition, however, is subject to regulatory approval from the Reserve Bank of India (RBI) and is expected to be finalized within 45 days after obtaining the necessary clearance.
In its fiscal third-quarter earnings report released earlier this year, Jio Financial Services posted a net profit of Rs 294.8 crore, slightly up from Rs 293.8 crore recorded in the same quarter of the previous year. Its revenue from operations increased by 6%, reaching Rs 438.4 crore.
In 2018, Reliance Industries and SBI started payments bank operations in a 70:30 joint venture. Over the years, Reliance raised its stake in the payments bank. Jio Payments Bank's CASA (Current Account and Savings Account) base is around 1.89 million.
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