Jio Financial Services Ltd (JFSL) on Wednesday announced that it has acquired State Bank of India’s entire 17.8% stake in Jio Payments Bank Ltd for Rs 104.54 crore.

Following the transaction, Jio Payments Bank has become a wholly-owned subsidiary of JFSL.

According to a regulatory filing, JFSL purchased 7,90,80,000 equity shares from SBI after receiving approval from the Reserve Bank of India on June 4.