(Reuters) - 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.

The financial services provider owns about 82.17% of Jio Payments Bank, begun in 2018. Its current stake-buy plans are subject to approval by the Reserve Bank of India, it said in its statement.

Jio Financial has been ramping up operations since it was spun off from the Mukesh Ambani-led conglomerate in 2023 and has recently been planning to set up a mutual fund business with U.S.-based BlackRock.

In August, it raised its stake in Jio Payments Bank with an investment of 680 million rupees.

($1 = 87.3180 Indian rupees)

(This story has been refiled to fix a typo in paragraph 1)

(Reporting by Manvi Pant in Bengaluru; Editing by Janane Venkatraman)