Jio Financial has fully owned the Jio Payments Bank
Jio Financial Services (JFSL) has acquired the entire 17.8% stake held by the National Bank of India at Jio Payments Bank.
This will make Digital Bank a wholly owned subsidiary of JFSL.
Initially, Jio Payments Bank was a joint venture between JFSL and SBI, holding 82.17%.
The transaction was valued at Rs 10.4 billion ($12.05 million) and was approved by the Reserve Bank of India earlier this month.
That was the acquisition was announced in When it was said in March that it contained a total of 7,90,80,000 shares.
The acquisition is a major corporate restructuring at JFSL, as Jio Payments Bank is currently fully integrated under the Reliance financial umbrella.
The move is seen as part of Reliance’s broader strategy for full control of fintech operations.
A few days before this announcement, the Jio BlackRock Mutual Fund launched Aladdin, India’s global risk management platform.
The platform is part of a 50:50 joint venture between JFSL and BlackRock.
Full ownership of Jio Payments Bank provides JFSL with greater autonomy in integrating digital banking with other financial services.
The synergy between Jio Payments Bank and Jio Blackrock Mutual Fund could drive a unified digital finance ecosystem.
This strategic alignment leverages BlackRock’s investment expertise to support Jio’s digital-first data-driven approach.
Aladdin’s first introduction is the first time this advanced analytics and risk management platform has become available in India.
Meanwhile, in October 2024, JFSL Announced that it has been upgraded Versions of the JioFinance app are available on the Google Play Store, the Apple App Store, and Myjio.
“Jio Financial Acquires Full Ownership of Jio Payments Bank” was originally created and published Retail Banker Internationala brand owned by GlobalData.
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