SBI Bank and RIL collaborate to form payments bank license

Q.  With which bank, Reliance Industries has made a collaboration to apply for a payments bank license that can offer services such as remittances and deposits?
- Published on 23 Feb 15

a. ICICI Bank
b. SBI Bank
c. HDFC Bank
d. Kotak Mahindra Bank

ANSWER: SBI Bank
 
Under this, Reliance will be the promoter of the payments bank entity while SBI will be joint venture partner with equity investment of up to 30%.

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