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State Bank of India to initiate process for selling 10 percent of its shares in its life insurance arm through IPO

The bank also said it would explore the possibility of diluting 8 percent of its stake in SBI Life Insurance through IPO offer, out of total 10 per cent offer for sale

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State Bank of India, Chandni Chowk, Delhi. Wikimedia
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Mumbai, March 24, 2017: India’s largest lender, the State Bank of India on Friday said it would initiate the process for selling 10 percent of its shares in its life insurance arm through an initial public offering (IPO).

According to a regulatory filing, the executive committee of the SBI’s central board has accorded in-principle approval to “initiate process for offer for sale of 10 percent of shares through initial public offer”.

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The bank also said it would explore the possibility of diluting 8 percent of its stake in SBI Life Insurance through IPO offer, out of total 10 per cent offer for sale.

SBI owns 70.1 per cent of the life insurer while BNP Paribas Cardif owns 26 percent. (IANS)

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SBI Launched MOPAD For Digital Convenience Of Customers And Merchants

MOPAD allows the customer to make payments through "Cards, Bharat QR, UPI and SBI Buddy (e-wallet)" on a single PoS (Point of Sale) terminal.

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"This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.". Flickr

Lending major State Bank of India (SBI) on Wednesday launched a Multi Option Payment Acceptance Device for digital convenience of customers and merchants.

According to the lending major, MOPAD allows the customer to make payments through “Cards, Bharat QR, UPI and SBI Buddy (e-wallet)” on a single PoS (Point of Sale) terminal.

“MOPAD will help merchants to integrate different kinds of transaction through one PoS machine which will help in eliminating their operational inconvenience and streamline cash flow,” SBI Chairman Rajnish Kumar was quoted as saying in a statement.

As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner. Flickr
As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner. Flickr

“This is another initiative by the bank towards less-cash economy, which will empower merchants and customers to opt for more digital transactions.”

Also Read: SBI reduces lending rates on home and vehicle loans

As per the statement, the new initiative will roll-out on all PoS terminals in a phased manner.

Currently, SBI has deployed 6.23 lakh PoS terminals. (IANS)