A Subscription and Shareholders' Agreement was signed by Reliance Industries (RIL) as promoter with a 70 per cent equity contribution and State Bank of India (SBI) as joint venture with a 30 per cent equity contribution on June 30, 2016. RIL and SBI in-principle agreed to partner and explore the opportunity of fulfilling the needs of the unbanked and under-banked segments by providing relevant financial services products. To that effect, RIL and SBI had entered into a non-binding memorandum of understanding in February 2015 to set out the principal terms.
RBI granted an 'in-principle' approval to RIL as a promoter in September 2015 for the setting up of a Payments Bank pursuant to the Banking Regulation Act, 1949 and as per the Guidelines for Licensing of ‘Payments Banks’ dated November 27, 2014. By combining RIL's technology, last mile reach and distribution through RIL's Telecom & Retail initiatives and SBI's banking expertise in offering financial services to millions of retail consumers and small enterprises across the country, the Payments Bank will work towards digitizing payments and promoting digital savings and investment products thereby acting as a catalyst in creating a cash-less society.
Reliance Industries has businesses across India, engaged in energy, petrochemicals, textiles, natural resources, retail and telecommunications.
Company Name | CMP |
---|---|
Reliance Industries | 2793.60 |
Indian Oil Corp. | 154.40 |
BPCL | 580.25 |
HPCL | 494.60 |
MRPL | 198.60 |
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