Tag Archives: State Bank of India

Finance, Business News

SBI’s whole Rs 104 cr stake in Jio Payments Bank will be purchased by Jio Financial Services.

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In a strategic move to consolidate its financial services portfolio, Jio Financial Services (JFS) has announced plans to acquire the State Bank of India’s (SBI) entire 17.83% stake in Jio Payments Bank for ₹104.54 crore. This acquisition will transition Jio Payments Bank into a wholly-owned subsidiary of JFS, subject to regulatory approvals.

Details of the Acquisition

JFS currently holds an 82.17% stake in Jio Payments Bank, a joint venture initiated with SBI in 2018. The proposed acquisition involves purchasing approximately 7.9 crore equity shares from SBI at ₹13.22 per share, valuing Jio Payments Bank at nearly ₹586 crore. ​

Regulatory Approvals and Timeline

The completion of this transaction is contingent upon approval from the Reserve Bank of India (RBI). Once approved, the acquisition is expected to be finalized within 45 days.

Strategic Implications for JFS

Since its demerger from Reliance Industries in 2023, JFS has been actively expanding its financial services footprint. The full ownership of Jio Payments Bank aligns with JFS’s strategy to enhance its presence in digital banking and payments, positioning it to compete more effectively with other payments banks in India.

Conclusion

The acquisition of SBI’s stake in Jio Payments Bank signifies JFS’s commitment to strengthening its financial services offerings. This move is expected to streamline operations and enable JFS to introduce innovative financial products, further solidifying its position in India’s digital banking sector.

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Finance, Bollywood, Entertainment

SBI Pays Abhishek Bachchan ₹2.16 Crore for Juhu Property Lease—Learn More

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In a notable real estate transaction, Bollywood actor Abhishek Bachchan has leased his premium property in Mumbai’s Juhu area to the State Bank of India (SBI) for a substantial sum of ₹2.16 crore. This agreement underscores the trend of high-profile collaborations between celebrities and corporate entities in the real estate sector.

Details of the Lease Agreement

The property in question is a luxurious apartment located in the affluent Juhu locality, known for housing several Bollywood celebrities. As per the lease agreement, SBI will utilize this space for a specified period, with the total transaction amounting to ₹2.16 crore. While specific details about the duration of the lease and the exact purpose for which SBI intends to use the property have not been publicly disclosed, such arrangements typically involve long-term commitments, especially when corporate entities are involved.

Implications of the Deal

This collaboration highlights a strategic move by SBI to establish its presence in prime locations, potentially for guest houses, executive accommodations, or other official purposes. For Abhishek Bachchan, leasing out the property not only ensures a steady rental income but also signifies a partnership with one of India’s most reputable financial institutions. This deal reflects a growing trend where celebrities monetize their real estate assets by aligning with corporate tenants, ensuring both lucrative returns and the maintenance of property standards.

Conclusion

The leasing of Abhishek Bachchan’s Juhu residence to SBI for ₹2.16 crore exemplifies the synergy between the entertainment industry’s prominent figures and leading corporate entities in India. Such partnerships are mutually beneficial, providing corporates with premium properties in strategic locations while offering celebrities a profitable avenue to capitalize on their real estate investments.