State Bank Of India

India’s largest lender, State Bank of India will launch its mobile wallet - ‘SBI Buddy’.  The bank’s SBI Buddy will be accessible to SBI customers as well as other subscribers. The bank has tied up with several merchants, which means that once the customer opens the Buddy m-banking app, he/she will be able to access the merchant’s app without previously downloading it. With this, the bank will be entering into the fast-growing mobile wallet business.

The bank reported 10.25% rise in its net profit at Rs 3692.43 crore for the quarter ended June 30, 2015 as compared to Rs 3349.08 crore for the same quarter in the previous year. Total income of the bank increased by 9.80% to Rs 44730.87 crore for the quarter under review from Rs 40739.21 crore for the corresponding quarter of the previous year.