The president of Reliance Industries, Mukesh Ambani, JIO Financial Services LTD On March 4, 2025, announced its acquisition of 7.9 Officials of Jio Payments Bank from State Bank of India (SBI) for Rs 104.5 crosses. This decision will result in the payment bank will become a subsidiary in exclusive ownership of JIO Financial Services. Following this development, the actions of the non -banking financing company, owned by the billionaire Mukesh Ambani, saw an increase of almost four percent, reaching an intraday summit of Rs 208 on the ESB.
JIO Financial Services currently has a participation of 82.17% in JIO PAYMENTS BANK, an effort to collaborate between JIO Financial (supported by Reliance Industries) and SBI, the largest state lender in the country. With this acquisition, Jio Payments Bank will switch to a 100% subsidiary of JIO Financial Services.
“The board of directors of the company, at its meeting which held today, approved the acquisition of 79 million shares of Jio Payments Bank of SBI for a global consideration of RS 104.54 crores,” said JFS in an exchange notification.
JFS shares closed at Rs 716.15, up 3.02%on Tuesday.
The transaction was approved by the JIO Financial board of directors and depends on the approval of the Bank of India (RBI) reserve. The completion of the agreement is provided for within 45 days of regulatory authorization.
The company clarified that the transaction in question is not a matter of related parties, and there are no promoters or group entities with financial interest in the acquisition.
JIO Financial Services has seen its consolidated profit staying stable at Rs 295 crore, marking a slight increase of 0.3% in annual sliding for the third quarter ending in December 2024. The NBFC declared a net profit from RS 294 crosses during the corresponding quarter of the previous year. In addition, its assets under management (AUM) went to Rs 4,199 crosses, against 1,206 rapes in the previous September quarter of the exercise 25.
The Executive Committee of the Central Board of Directors of SBI has approved the disinvestment of the entire Bank’s participation in JIO Payments Bank limited to JIO Financial Services for RS 13.22 by action action, which led to a total of RS 104.5 crore. This acquisition values ​​Jio Payments Bank at approximately Rs 586 crores. The transaction depends on the regulatory approval of the Bank of India (RBI) reserve and is expected to be finalized within 45 days of obtaining RBI approval, as JFS said.
Jio Payments Bank began operations in April 2018 and collected 1.89 million Casa customers in December 2024.
Currently, India is home to five payroll banks, including Airtel Payments Bank, Fino Payments Bank, India Post Payments Bank, NSDL Payments Bank and Jio Payments Bank.
These banks are authorized to have a maximum customer deposit up to Rs 2 Lakh, but it is prohibited to provide credit to their customers. Payment banks can establish and manage their branches while using commercial correspondents (BCS) as access points. However, BCS is not allowed to perform offline transactions in the name of the banks. Unlike traditional commercial banks, payment banks are not mandated to issue pass books for customer deposit accounts.
