Question: Recently Reliance has signed shareholder agreement with which of the following Bank for payments bank Joint Venture?
(a) Bank of Baroda
(b) Union Bank
(c) State Bank of India
(d) City Bank
Ans: (c)
Related facts:
- On 30 June 2016 Reliance Industries has signed shareholder agreement (The Subscription and Shareholders Agreement) with State Bank of India for payments bank Joint Venture.
- Reliance as promoter signed the agreement with a 70 per cent equity contribution and SBI as joint venture with a 30 per cent equity contribution.
- The Reliance now will seek all regulatory and statutory approvals for operationalising the payments bank.
- It may be recalled that RIL and SBI put in a joint application to the Reserve Bank of India (RBI) to set up a payments bank that can offer services such as remittances and deposits but not loans.
- RBI granted in-principle approval to RIL as a promoter in September 2015 for the setting up of the payments bank.
Reference:
http://www.bseindia.com/xml-data/corpfiling/AttachHis/288D953B_7841_4981_84BA_8B55326774E4_165732.pdf
http://www.thehindu.com/business/Industry/ril-sbi-sign-shareholder-pact-for-payments-bank-joint-venture/article8797862.ece
http://economictimes.indiatimes.com/industry/banking/finance/banking/ril-sbi-sign-shareholder-agreement-for-payments-bank-jv/articleshow/53009074.cms