In a strategic move to strengthen its position in India’s financial sector Jio Financial Services led by Mukesh Ambani announced its decision to acquire State Bank of India’s (SBI) entire stake in Jio Payments Bank for $12.03 million (Rs 104.54 crore). This acquisition will make Jio Payments Bank a wholly owned subsidiary of Jio Financial Services. In a regulatory filling Jio Financial Services said that its board on Tuesday approved acquisition of a little over 7.90 crore equity shares of JPBL from SBI for Rs 104.54 crore. Post this acquisition JPBL will become a wholly owned subsidiary of the Company Jio Financial Services said in a BSE filing. Details Of Acquisition Current Stake: Jio Financial Services currently holds an 82.17% stake in Jio Payments Bank with the remaining held by SBI. Post-Acquisition: After the deal Jio Financial Services will own 100% of Jio Payments Bank. Regulatory Approval: The transaction is subject to approval from the Reserve Bank of India (RBI) and is expected to be finalized within 45 days after receiving clearance. Jio Financial Services Jio Financial Services was established as a separate entity from Reliance Industries in August 2023 and is now listed on Indian stock exchanges. As of March 5 2025 its shares are priced at Rs 216.26 with a market capitalization of Rs 1.37 lakh crore. It has P/E Ratio of 85.46 and earnings Per Share (EPS) is Rs 2.53. Jio Financial Services has a broad portfolio of financial solutions including payment solutions insurance broking asset management and leasing services. With its focus on digital financial products Jio Financial can lead to significant growth leveraging India’s expanding digital economy and increasing demand for innovative financial solutions.