SBI spurts on inking pact with ESIC for direct transfer of benefits

04 Sep 2019

State Bank of India is currently trading at Rs. 272.55, up by 4.20 points or 1.57% from its previous closing of Rs. 268.35 on the BSE.

The scrip opened at Rs. 269.70 and has touched a high and low of Rs. 273.50 and Rs. 267.60 respectively. So far 537540 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 373.70 on 18-Jul-2019 and a 52 week low of Rs. 247.65 on 26-Oct-2018.

Last one week high and low of the scrip stood at Rs. 284.30 and Rs. 266.95 respectively. The current market cap of the company is Rs. 243151.04 crore.

The promoters holding in the company stood at 57.88%, while Institutions and Non-Institutions held 34.67% and 7.45% respectively.

State Bank of India (SBI) has inked pact with Employees' State Insurance Corporation (ESIC) for direct transfer of benefits electronically into bank accounts of all stakeholders.

The bank would provide e-payment integration with the enterprise resource planning processes of ESIC through its cash management product e-payment technology platform. The e-payment integration would effect statutory benefit payments to ESIC beneficiaries as well as other payees on real time basis, reducing time lags and delays and at the same time, help eliminate mistakes and errors caused by repetitive and manual data entries.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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