Jio Financial Services has increased its stake in its subsidiary Jio Payments Bank Limited (JPBL) by investing an additional INR 68 Cr 👇

In an exchange filing, Jio Financial Services said it has subscribed to 6.8 Cr equity shares of JPBL at INR 10 each, translating to a total investment of INR 68 Cr.

Following this investment, Jio Financial Services’ stake in JPBL has increased to 82.17% from 78.95% earlier.

JPBL is a joint venture between Jio Financial Services and State Bank of India. JPBL offers features like UPI, online bill payments, money transfers, and account management to merchants and customers across the country.

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Credit - Inc42 Media