Jio Financial Services Ltd (JFSL) on Wednesday said it has acquired the entire 17.8 per cent stake of State Bank of India in Jio Payments Bank Ltd for a consideration of Rs 104.54 crore. With the stake buy Jio Payments Bank becomes a wholly-owned subsidiary of JFSL. The company acquired 79080000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore pursuant to the approval received from Reserve Bank of India on June 4 JFSL said in a regulatory filing. Consequent to this acquisition Jio Payments Bank has become a wholly-owned subsidiary of the company it said. Prior to stake buy Jio Financial held an 82.17 per cent stake in Jio Payments Bank. Reliance Industries (RIL) and State Bank of India (SBI) started their payments bank operations in 2018 after forming a joint venture. In which Reliance was holding a 70% stake and SBI owned the remaining 30%. On August 27 2024 Jio Financial Services was formed after the demerger of Reliances financial arm. Wherein it infused Rs 68 crore into JPBL by subscribing to 68 million newly issued equity shares priced at Rs 10 each. This investment increased Jio Financials stake in the payments bank from 78.95% to 82.17%. In October 2022 Reliance announced the demerger from its financial services arm into Reliance Strategic Investments as part of a larger group restructuring initiative. The new entity was later renamed Jio Financial Services and listed on stock exchanges in August 2023. (With Inputs From PTI)