The State Bank of India (SBI) has chosen to sell its full 17.8 percent ownership in Jio Payments Bank Limited, a joint venture of the state-owned bank and Jio Financial Services.

JFS will acquire SBI's interest for ₹104.5 crore, and Jio Payments Bank would become a wholly-owned subsidiary, according to Reliance Group on Tuesday.

JFS now holds an 82.17 percent interest in Jio Payments Bank.

"The Board of Directors of the company, at its meeting held today, have approved acquisition of 79 million equity shares of Jio Payments Bank from SBI for an aggregate consideration of ₹104.54 crore" , according to a notification of exchange.

Subject to regulatory clearances, SBI has authorized the sale of its whole interest in Jio Payments Bank Limited to Jio Financial Services for ₹104.5 crore.

The equity valuation of Jio Payments Bank is somewhat less than ₹600 crore (₹586 crore) at this price.

According to JFS, the transaction is anticipated to be finished within 45 days of receiving it and is contingent upon Reserve Bank of India (RBI) permission.

Airtel Payments Bank, Fino Payments Bank, India Post Payments Bank, NSDL Payments Bank, and Jio Payments Bank are the five payment banks that are currently operating in the nation.

A maximum of ₹2 lakh in customer deposits can be held by payment banks.

However, they are not permitted to offer credit to their consumers. These banks can open their own branches, which are handled by personnel, and use business correspondents (BCs) as access points. However, BCs are not permitted to carry out offline transactions. Unlike commercial banks, payment banks are not required to provide passbooks for customer deposit accounts.

Jio Payments Bank began operations in April 2018. As of December 2024, Jio Payments Bank had 1.89 million CASA customers.