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RIL, SBI sign shareholder agreement for payments bank JV

RBI granted in-principle approval to RIL as a promoter in September 2015 for the setting up of the payments bank

Press Trust of India  |  New Delhi 

RIL, SBI sign shareholder agreement for payments bank JV

Industries and major have signed the shareholder agreement to set up the payments bank joint venture.

"The Subscription and Shareholders' Agreement was signed by RIL as promoter with a 70 per cent equity contribution and as joint venture with a 30 per cent equity contribution on June 30, 2016," RIL said in a filing today.


RIL and SBI, in February last, had entered into a non-binding memorandum of understanding to set out the principal terms. This would bring together the nation's largest network and pan-telecom and retail setup, the filing said.

RIL and put in a joint application to the Reserve Bank of (RBI) to set up a payments bank that can offer services such as remittances and deposits but not loans.

granted in-principle approval to RIL as a promoter in September 2015 for the setting up of the payments bank.

"By combining RIL's technology, last mile reach and distribution through RIL's telecom and retail initiatives and expertise in offering financial services to millions of retails customers and small enterprises across the country," the filing said.

First Published: Fri, July 01 2016. 18:07 IST
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