India's Jio Financial Services will buy shares it did not already own in its joint venture for 1.05 billion rupees ($12.03 million) from partner State Bank of India to bolster financial operations, the Reliance group company said on Tuesday.

Jio Financial Services currently holds an 82.17 per cent stake in Jio Payments Bank, a collaborative effort between Jio Financial (backed by Reliance Industries) and SBI, the largest state-run lender in the country.

JFSL currently holds 82.17% of the paid-up equity share capital of Jio Payments Bank Limited, a joint venture of the company and SBI. Post this acquisition, JPBL will become a wholly-owned subsidiary of JFSL.

Jio Financial has sought to acquire a stake in Jio Payments Bank (JPBL) for Rs 104.5 crore, which was previously owned by the State Bank of India (SBI). The proposal requires approval from the Reserve

Jio Financial Services Ltd will acquire 7.9 crore shares of Jio Payments Bank from State Bank of India (SBI) for ₹104.5 crore, making the payments bank its wholly owned subsidiary. Currently, Jio Fin holds an 82.