MoneyWorks4Me

State Bank of India inks MoU with Snapdeal

22 May 2015 Evaluate

State Bank of India (SBI), country’s largest public sector lender, has signed a Memorandum of Understanding (MoU) with e-commerce portal Snapdeal. Under the agreement, the bank would provide hassle-free loans to traders and manufacturers to scale up their business levels. The arrangement with Snapdeal will also help to reduce defaults by SMEs, which in turn would benefit by accessing organised online markets for their products.

SBI has registered a rise of 30.24% in its net profit at Rs 2910.06 crore for third quarter ended December 31, 2014 as compared to Rs 2234.34 crore for the same quarter in the previous year. However, total income of the bank has increased 12.07% at Rs 43783.91 crore for Q3FY15 as compared Rs 39067.91 crore for the corresponding quarter previous year.

Peers
Company Name CMP
State Bank Of India 940.65
PNB 115.50
Bank Of Baroda 234.10
Canara Bank 117.20
Union Bank Of India 172.95
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