Jio Financial Services, backed by Reliance Industries, announced on March 4, 2025, that it will acquire 7.9 crore shares of Jio Payments Bank from the State Bank of India (SBI) for ₹104.5 crore, making it a wholly owned subsidiary. Following the announcement, Jio Financial’s stock surged nearly 4%, hitting an intraday high of ₹208 on the BSE. The acquisition is subject to RBI approval and is expected to be completed within 45 days.
Jio Financial Services Ltd, the financial arm of Reliance Industries, announced that it will acquire a 17.83% stake in Jio Payments Bank from the State Bank of India (SBI) for ₹104.5 crore. This move will make Jio Payments Bank a wholly owned subsidiary of Jio Financial Services. The announcement led to a nearly 4% surge in Jio Financial’s stock, which hit an intraday high of ₹208 on the Bombay Stock Exchange (BSE).
Jio Financial Services Expands Banking Operations
Jio Financial Services currently holds an 82.17% stake in Jio Payments Bank, a joint venture between the company and SBI, India’s largest state-owned bank. With this acquisition, Jio Financial aims to strengthen its position in the digital banking sector. The deal has been approved by Jio Financial’s Board of Directors and is now pending approval from the Reserve Bank of India (RBI). The company expects to complete the transaction within 45 days after receiving regulatory clearance.
Financial Growth and Market Performance
Jio Financial Services reported a net profit of ₹295 crore in the third quarter of FY25, reflecting a modest 0.3% increase from ₹294 crore in the same quarter of the previous fiscal year. The company’s assets under management (AUM) saw significant growth, rising to ₹4,199 crore from ₹1,206 crore in the preceding quarter.
The company, which was spun off from Reliance Industries in 2023, has been expanding its financial services portfolio. Jio Financial recently announced plans to enter the mutual fund sector in collaboration with US-based BlackRock. The company provides digital financial solutions, including loans, savings accounts, UPI bill payments, and insurance services.
Stock Market Reaction
On March 4, 2025, Jio Financial Services’ stock opened at ₹200 on the BSE and climbed nearly 4% to an intraday high of ₹208. It later settled at ₹206.35 per share, marking a 2.69% gain. The company currently holds a market capitalization of ₹1,31,097.08 crore.
Future Prospects
Jio Financial Services continues to expand its digital footprint, with an average of 7.4 million monthly active users across its digital platforms. The company now operates in seven cities with nine offices, indicating its growing presence in India’s financial sector.
With the full acquisition of Jio Payments Bank, Jio Financial Services is set to strengthen its position in India’s rapidly evolving digital banking space. The completion of this deal will mark another milestone in Jio Financial’s expansion strategy, further integrating financial services with Reliance Industries’ broader digital ecosystem.
