State Bank Of India

State Bank of India (SBI) is planning to acquire about 10 per cent stake in the India International Clearing Corporation (IICC). The strategic investment in IICC is aimed at strengthening the financial markets infrastructure.

IICC is the first international clearing corporation set up at GIFT-IFSC that acts as a central counterparty providing clearing and settlement and risk management services. It clears and settles index and single stock derivatives, currency derivatives and debt securities.

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.