State Bank Of India

Pursuant to the applicable provisions of the SEBI (LODR) Regulations, SBI has informed that Central Board of SBI at its meeting held today has given approval for transfer of the existing Merchant Acquiring Business (MAB) of the Bank to its wholly owned subsidiary, SBI Payment Services Pvt. Ltd. (SBIPSPL). The Bank intends to subsequently induct a JV partner with proven global expertise in this business in SBIPSPL.

The above information is a part of company’s filings submitted to BSE.