RIL, SBI pointer shareholder agreement for payments bank JV

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New Delhi: Reliance Industries and banking vital State Bank of India have sealed a shareholder agreement to set adult a payments bank corner venture.

The Reliance Industries logo. The Reliance Industries logo.

The Reliance Industries logo.

“The Subscription and Shareholders’ Agreement was sealed by RIL as upholder with a 70 per cent equity grant and SBI as corner try with a 30 per cent equity grant on Jun 30, 2016,” RIL pronounced in a BSE filing today.

RIL and SBI, in Feb last, had entered into a non-binding chit of bargain to set out a principal terms. This would move together a nation’s largest banking network and pan-India telecom and sell setup, a filing said.

RIL and SBI put in a corner focus to a Reserve Bank of India (RBI) to set adult a payments bank that can offer services such as remittances and deposits though not loans.

RBI postulated in-principle capitulation to RIL as a upholder in Sep 2015 for a environment adult of a payments bank.

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“By mixing RIL’s technology, final mile strech and placement by RIL’s telecom and sell initiatives and SBI banking imagination in charity financial services to millions of retails business and tiny enterprises opposite a country,” a filing said.

Disclosure: Firstpost is partial of Network18 Media Investment Limited that is owned by Reliance Industries Limited.

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