Just days after acquiring complete control of Jio Payments Bank Ltd (JPBL), Jio Financial Services (JFS) has infused ₹190 Cr into the entity. As per a regulatory filing, the fintech arm of Reliance purchased 19 Cr equity shares of the bank at ₹10 each, reinforcing its commitment to the subsidiary.
This capital injection follows JFS’ recent move to acquire State Bank of India’s (SBI) remaining stake in Jio Payments Bank for ₹104.5 Cr. The transaction, which concluded on June 18, involved the purchase of 7.9 Cr shares at ₹13.2 apiece.
In a strategic shift toward consolidation, Jio Payments Bank had already been integrated with the JioFinance app prior to the completion of the merger. In a February post on X, the bank stated, “We are evolving to serve you better. We’ve made managing your finances easier by consolidating all our updates and resources into one place. Now, everything you need for smarter, simpler finance is at Jio Finance.”
Following this, JFS officially announced its plan in March to buy SBI’s 17.8% stake, thus transitioning Jio Payments Bank into a wholly owned subsidiary. Originally launched in 2016 as a joint venture between Reliance Industries (77%) and SBI (23%), JFS had been steadily increasing its ownership over time.
In August 2024, JFS had already boosted its holding to 82.2% after acquiring 6.8 Cr shares for ₹68 Cr. Then in March, an additional ₹85 Cr investment raised its stake to 85.04%.
Since gaining full control, JFS has actively promoted Jio Payments Bank’s digital banking services via the JioFinance app. The app itself, launched in beta in June last year, began with core services like UPI payments, bill payments, and insurance advice — gradually expanding to include gold SIPs, lending products, and more.
Looking ahead, JFS is charting an ambitious course into financial services. It plans to foray into wealth and asset management, as well as stock broking.
This diversification is backed by a major alliance with BlackRock. In 2023, JFS and BlackRock partnered to enter India’s mutual fund sector. In May 2025, the joint venture received SEBI’s approval to commence operations. The entity, Jio BlackRock Asset Management, has since filed to launch two funds — the JioBlackRock Liquid Fund and JioBlackRock Money Market Fund.
Additionally, Jio BlackRock Investment Advisers Pvt Ltd, another JV between the two, has also secured SEBI’s approval to act as an investment adviser. Plans are also underway to jointly venture into stock broking.
JFS shares ended the trading session up 0.80%, closing at ₹303.25.
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