Jio Financial Services Ltd (JFSL) has announced that its board has approved the acquisition of 7.9 crore shares in Jio Payments Bank (JPBL) from the State Bank of India (SBI) for a total consideration of ₹104.54 crore. This strategic move will make JPBL a wholly owned subsidiary of JFSL.
Currently, Jio Financial Services holds an 82.17% stake in JPBL, a joint venture between the company and SBI. The acquisition, however, is subject to regulatory approval from the Reserve Bank of India (RBI) and is expected to be finalised within 45 days after obtaining the necessary clearance.
This development comes as Jio Financial Services continues its growth trajectory. In its fiscal third-quarter earnings report released earlier this year, the company posted a net profit of ₹294.8 crore, slightly up from ₹293.8 crore recorded in the same quarter of the previous year. Its revenue from operations saw a 6% increase, reaching ₹438.4 crore. Additionally, its assets under management (AUM) surged to ₹4,199 crore, while JPBL witnessed a 25% quarter-on-quarter growth in its CASA (Current Account and Savings Account) customer base, which expanded to 1.89 million.
