State Bank Of India

Banking major State Bank of India, Reliance Industries have signed the shareholder agreement on June 30, 2016 for setting up payment Bank. The Subscription and Shareholders' Agreement was signed by RIL as promoter with a 70% equity contribution and SBI as joint Venture partner with 30% equity contribution. All requisite Regulatory and Statutory approvals will now be sought for operationalizing the Payments bank.

The State Bank of India, the country’s oldest bank and a premier in terms of balance sheet size, number of branches, market capitalization and profits is today going through a momentous phase of change and transformation – the two hundred year old public sector behemoth is today stirring out of its public sector legacy and moving with an agility to give the private and foreign banks a run for their money.