India, June 18 -- About two months after announcing its plans to acquire Jio Payments Bank Ltd (JPBL), fintech company Jio Financial Services (JFS) has completed the acquisition for INR 104.5 Cr.

In an exchange filing, JFS said it bought 7.91 Cr shares of JPBL from State Bank of India (SBI), making the payments bank its wholly owned subsidiary. In March, the company had said it would buy SBI's complete stake in the bank in a deal for INR 13.22 per share.

During JFS' Q4 earnings call, its CEO Hitesh Sethia said that JPBL had been seeing substantial growth in its customer base.

"JPBL has seen substantial growth in its customer base which has tripled year-on-year to 2.31 Mn and deposits also has tripled to INR 295 Cr. In March this year, ...