Jio Financial Services to Fully Acquire Jio Payments Bank

Jio Financial Services Ltd (JFSL) announced on March 4 that its board approved acquiring 7.9 crore shares of Jio Payments Bank Ltd (JPBL) from SBI for ₹104.54 crore. This will make JPBL a wholly-owned subsidiary of JFSL, pending RBI approval. JFSL shares rose 3% to ₹207 on NSE following the news.