SBI and RIL to set up payments bank in JV

RIL and SBI to hold 70% and 30% respectively in JV payments bank

State Bank of India and Reliance Industries Limited (RIL) have signed the Shareholders agreement on 30 June 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 on 30 June 2016.

All requisite Regulatory and Statutory approvals will now be sought for operationalizing the Payments bank.

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