Reliance Industries (RIL) has signed a shareholder agreement with SBI to set up a payments bank joint venture.
“The Subscription and Shareholders’ Agreement was signed by RIL as promoter with a 70 per cent equity contribution and SBI as joint venture with a 30 per cent equity contribution on June 30, 2016,” according to RIL filing with stock exchanges.
The company now will seek all regulatory and statutory approvals for operationalising the payments bank.
RIL and SBI put in a joint application with the RBI to set up the bank.
— source thehindu.com