Jio Payments likely to become subsidiary of Jio Financial Services

Sources in the know say that this 70 per cent stake held by RIL will be transferred to JFS. SBI will continue to own the rest of the 30 per cent in RPB

Jio Payments Bank (JPB) — a joint venture between Reliance Industries (RIL) and State Bank of India (SBI) — is likely to become a subsidiary of the proposed new listed entity, Jio Financial Services (JFS), as part of the overall restructuring of the group’s financial services business which was announced a few days ago after its quarterly results.

The move is expected to give the payments bank, which has been lagging behind with very limited business, a new focus as it has been identified as one of the areas the group will be giving a renewed push to.    

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