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.
