The Board of Jio Financial Services at its meeting held on 04 March 2025 has approved  acquisition of 7,90,80,000 equity shares of Jio Payments Bank (JPBL) from State Bank of India for an aggregate consideration of ₹. 104.54 crore. Post this acquisition, JPBL will become a wholly owned subsidiary of the Company.

The acquisition is subject to approval of Reserve Bank of India (RBI) and is expected to be completed within 45 days post receipt of RBI approval.

The Company currently holds 82.17% of the paid-up equity share capital of JPBL, a joint venture of the Company and State Bank of India.