SBI, Aspiring To Make India A Better Place to Live In

January 14, 2017 - 10:08:20 AM

SBIMs. Arundhati Bhattacharya, State Bank of India (SBI) chairperson informed that the bank is committed to financial inclusion of all sections of people in all areas of the country.

She further added that the country’s economy would not be affected as Rs 13 lakh crore have been released to SBI customers in the country and Rs 4 lakh crore of different denominations is planned to be released this month.

SBI has engaged itself into various deals in order to take a step forward to accomplish the dream of turning India digital and also to make the transaction process smoother.


Latest deals signed by SBI

State Bank of India (SBI), the country’s largest public sector lender has signed the memorandum of understanding (MoU) with the Gujarat government in order to extend the bank’s credit especially in priority sector. Under this MoU, the Bank will be giving Rs 30,000 crore worth loans over two-year period.

SBI has also tied up with online classifieds portal, to conduct joint marketing activites and to boost the real estate sector.  To initiate the MOU, SBI and Magicbricks are launching the “Seal the Deal” campaign. Under this campaign, SBI and Magicbricks will host a mega online property show for SBI Approved Projects. This will be the first housing carnival in the industry at this scale.<

SBI, Coca-Cola India and Hindustan Coca-Cola Beverages have signed an agreement for enabling more than 2.6 million retailers and 5,000 distributors in conducting business transactions digitally. It entails initiating the digitization process among the retailers by on-boarding them into the SBI's digital payment options such as Buddy P2P, Buddy Merchant App, SBI Pay, a statement said here. To make the transition process much smoother, Coca-Cola and SBI will give training to the retailers on new and evolving digital business transaction solutions.

Furthermore, SBI has tied up with Bhopal-based skill development organization AISECT for the roll-out of its Electronic Toll Collection (ETC) project across the country. Under the project, the bank will issue SBI FASTag that is a researchable tag which permits automatic deduction of toll charges so as to allow people to pass through the toll plaza without waiting for cash transaction. The tag is fixed on the vehicle's windscreen and uses radio-frequency identification technology to connect to a prepaid account from which the requisite toll amount is deducted.

The State Bank of India and the State General Reserve Fund of Oman (SGRF), a Sovereign Wealth Fund will infuse $150 million and $50 million respectively in private equity fund Oman India Joint Investment Fund (OIJIF).  In addition to SBI and SGRF, a few new investors are part of the first close.


Stock analysis

On Friday, SBI share price settled marginally below 0.10 per cent at Rs. 250.90. The stock touched the day’s high and low at Rs. 252.60 and Rs. 249.10.

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