Jio Financial Services takes full control of Jio Payments Bank with Rs 104.5 crore SBI stake buy

Jio Financial Services on Wednesday acquired over 7.90 crore equity shares worth Rs 104.54 crore of Jio Payments Bank Limited (JPBL) from State Bank of India (SBI) following a Reserve Bank of India (RBI) nod on June 4, 2025.

JPBL is now a wholly owned subsidiary of Jio Financial Services.

In March, Jio Financial had announced its intentions to buy the 17.8% stake from SBI.

Shares of Jio Financial Services today ended at Rs 287.75 on the NSE, declining by Rs 2.05 or 0.71% over the Tuesday closing price.

The company has been in the news following a series of mutual fund scheme launches by Jio BlackRock Asset Management. The latter is a 50:50 joint venture between Jio Financial Services and BlackRock, and it received regulatory approval from the Securities and Exchange Board of India (Sebi) to commence operations as an investment manager for their mutual fund business in India.

With a digital-first approach and global investment expertise, the firm aims to offer innovative, low-cost investment products, led by CEO Sid Swaminathan.JioBlackRock Asset Management is expected to bring an innovative investment proposition to the growing number of Indian retail mutual fund investors, as well as to institutional investors in India. The asset management company will seek to leverage the unique strengths of its two sponsors: JFSL’s digital reach and its deep understanding of the local market, alongside BlackRock’s global investment expertise and leading risk management technology.Jio Financial Services had reported a marginal 2% growth in its consolidated net profit at Rs 316 crore in the fourth quarter of FY25, compared with Rs 311 crore in the same quarter of the last year. Revenue from operations during the reporting period rose 18% year-on-year (YoY) to Rs 493 crore. The same stood at Rs 418 crore in the previous year period.

Also Read: Jio BlackRock Mutual Fund launches ‘Aladdin’ investment management platform in India

On a sequential basis, revenue from operations rose 13%, while the profit after tax jumped 7% quarter-on-quarter.

Interest income during the fourth quarter fell marginally to Rs 276 crore in the January-March 2024 period, while the income from fees and commissions improved to Rs 39 crore.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)