Reliance Industries and State Bank of India have entered into subscription and shareholders’ agreements for the former’s payments bank. Under the tie-up, Reliance Industries will be the promoter of the new payments bank with 70% holding in the venture, State Bank of India will have an investment of 30%. Reliance Industries said in a filing to the stock exchanges that a non-binding MoU entered into in February 2015 had set out the principal terms for the venture. Reliance Industries said by combining RIL’s technology, last mile reach and distribution through RIL’s telecom and retail initiatives and SBI’s banking expertise in offering financial services to millions of retail consumers and small enterprises across the country, the payments bank will work toward digitizing payments and promoting digital savings and investments products by creating a cash-less society.
