Jio Financial Services Limited (JFSL) is making a big move in the digital banking world. The company has bought 7.9 crore shares of Jio Payments Bank Limited (JPBL) from State Bank of India (SBI) for ₹104.54 crore. This deal will make JPBL a fully owned part of JFSL.

JFSL's board has approved the purchase, but it still needs the Reserve Bank of India's (RBI) approval. If everything goes smoothly, the deal should be completed in 45 days. Currently, JFSL already owns 82.17% of JPBL, which was earlier a joint venture between SBI and JFSL.

After this news was announced, JFSL's stock price rose by 2.65%, closing at ₹206.25. However, in the last year, the stock has fallen 36%, showing ups and downs in the market. Despite this, JFSL remains strong, with a market value of ₹1.31 lakh crore.

This move is part of JFSL's plan to grow in the financial sector. The company recently launched the Jio Finance App, which supports UPI and digital banking.

It is becoming more popular with users. Also, JFSL has partnered with BlackRock Inc., a global investment company, to offer wealth management services.

Now, everyone is waiting for RBI's approval. If it goes through, Jio Financial could become a major force in India's digital banking world. Will this be Jio's next big success? We’ll find out soon!