RIL, SBI sign shareholder agreement for payments bank JV
Reliance Industries Limited (RIL) has signed a shareholder agreement with State Bank of India (SBI) have signed Subscription and Shareholders’ Agreement to set up payments bank. According to the agreement, Reliance Industries will be the promoter with a 70 % equity contribution in the payments bank and SBI as joint venture will have 30 % equity contribution.
Reliance Industries Limited (RIL)-State Bank of India (SBI) combine was among the 11 entities that were in August 2015 were given licence by the Reserve Bank of India (RBI) to start a payments bank. So far two of these – Cholamandalam Investment and Finance Co and Sun Pharma, IDFC Bank and telecom operator Telenor have decided to shelve plans of launching payments bank. Payments banks are small deposit-taking institutions that can accept deposits (initially up to 1 lakh rupees per individual). The minimum capital requirement is Rs. 100 crore.
So let's do:
1. Name the company, which has signed a shareholder agreement with SBI have signed Subscription and Shareholders’ Agreement to set up payments bank?