New Delhi, March 4 -- Jio Financial Services Ltd will acquire 7.9 crore shares of Jio Payments Bank from State Bank of India (SBI) for Rs.104.5 crore, making the payments bank its wholly owned subsidiary.

Currently, Jio Fin holds an 82.17% stake in Jio Payments Bank, a joint venture between Reliance Industries-backed Jio Financial and SBI. Following the acquisition, Jio Payments Bank will become a 100% subsidiary of Jio Fin.

The deal, approved by Jio Fin's Board of Directors, is subject to Reserve Bank of India (RBI) approval and is expected to be completed within 45 days post-clearance.

The company clarified that the transaction is not a related-party deal, and no promoters or group entities have any financial interest in the acquisit...