RIL, SBI sign shareholder agreement for payments bank JV
India's largest lender State Bank of India (SBI) and Telecom-to-energy conglomerate Reliance Industries (RIL) have signed a subscription and shareholders agreement to set up payments bank joint venture. As per this agreement, RIL will work as the promoter and will also contribute to 70 % equity in the payments bank. While SBI will have 30 per cent equity contribution.
The company now will seek all regulatory and statutory approvals for operationalising the payments bank. As in August 2015, RIL-SBI combine was among the 11 entities that were given license by the Reserve Bank of India (RBI) to start a payments bank.
So let's discuss some questions related to this post :
1. Name the company which has signed the subscription and shareholders agreement with SBI to set up payment bank joint venture?
2. Which organization has given the approval to RIL & SBI to start a payment bank JV?