State Bank of India, the country’s largest lender has cancelled the negotiations for establishing a Joint Venture entity with Visa Inc and Elavon Inc for conducting the Merchant Acquiring Business. Earlier in May 2010, SBI’s wholly owned subsidiary SBI Payment Services had proposed a Joint Venture with Visa Inc and Elavon Inc.
Recently, State Bank of India (SBI), the country’s largest public sector lender has accomplished 100% Financial Inclusion Programme (FIP) in Andhra Pradesh. The bank has covered all its allotted unbanked villages that are 1,369 villages out of 6,661 unbanked villages with a population above 2,000 in Andhra Pradesh under the FIP by the RBI.
