Jio Financial Services (JFSL), financial services arm of the Reliance Industry, on Tuesday said it will buy out the State Bank of India stake in Jio Payments Bank. Jio Financial Services will buy back 7.9 crore shares of `104.54 crore and will make it a wholly-owned subsidiary.
JFSL currently holds 82.17% of the paid-up equity capital of Jio Payments Bank, a joint venture of the company and the State Bank of India.
“The acquisition is subject to approval of Reserve Bank and is expected to be completed within 45 days post receipt of RBI approval,” said Jio Financial Services in a stock exchange filing on Tuesday.
Jio Financial, a spun off from Reliance Industries,
is into investing and credit,
insurance broking, payments banking, payment aggregator, and payment gateway services.
In May 2024, it had introduced a pilot version of the Jiofinance app, which offers UPI, digital banking, and other related services.
In April 2024, the company announced a partnership with the a global investment management giant BlackRock Inc to launch a wealth management and broking business.