In a major update, Jio Financial Services (JFS) has announced that it will acquire State Bank of India's entire stake in Jio Payments Bank for Rs 104.54 crore. For those unversed, the Mukesh Ambani-led company currently holds 82.

The financial services provider currently holds 82.17 per cent stakes of Jio Payments Bank Limited, a joint venture of Jio Financial and SBI, begun in 2018. Post this acquisition, JPBL will become a wholly owned subsidiary of the company,

India's Jio Financial Services will buy shares it did not already own in its joint venture for 1.05 billion rupees ($12.03 million) from partner State Bank of India to bolster financial operations, the Reliance group company said on Tuesday.