💨 Abstract

Jio Financial Services, a subsidiary of Reliance Group, plans to buy shares from partner State Bank of India in their joint venture, Jio Payments Bank, for 1.05 billion rupees. The move aims to strengthen its financial operations and is subject to approval by the Reserve Bank of India. Jio Financial has been increasing its operations since 2023 and recently plans to establish a mutual fund business with BlackRock.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖