State Bank Of India

State Bank of India (SBI), the nation’s biggest lender has received in-principle approval from Reserve Bank of India (RBI) to set up a new subsidiary to manage its non-banking activities. The bank has roped in KPMG as an advisor to set up the new subsidiary. With the in-approval from the central bank, all the real estate holdings of SBI including its offices and residential properties can be transfered to the new subsidary and any transactional, advisory or purchase related activities can be performed by the new subsidiary.

The bank has posted a rise of 65.52% in its net profit at Rs 134.42 crore for the quarter ended March 31, 2015 as compared to Rs 81.21 crore for the same quarter in the previous year. Total income of the bank has increased by 11.55% at Rs 1308.04 crore for quarter under review as compared to Rs 1172.58 crore for the quarter ended March 31, 2014.