Jio Financial takes full ownership of Jio Payments Bank

Jio Financial Services Limited (JFSL) has acquired full control of Jio Payments Bank Limited (JPBL), buying out the stake held by State Bank of India. The deal, executed on June 18 at 3:27 p.m., involved the purchase of 7.91 crore equity shares at ₹13.22 a share for a total consideration of ₹104.54 crore. The State Bank of India (SBI) had earlier decided to divest its entire 17.8% stake in Jio Payments Bank Limited, a joint venture between the state-owned bank and Jio Financial Services (JFS).

Following the transaction, JPBL becomes a wholly owned subsidiary of JFSL. The acquisition received regulatory clearance from the Reserve Bank of India on June 4, 2025, the company said in a regulatory filing. Following the deal, Jio Payments Bank’s valuation works out to ₹586 crore.

The move marks a significant consolidation step by JFSL—formerly known as Reliance Strategic Investments —as it looks to deepen its presence in digital banking and financial services under the broader Reliance ecosystem.

The payments bank, which was set up in April 2018, had 1.89 million CASA (Current Account Savings Account) customers as of December 2024.