Published On: Wed, Mar 15th, 2017

SBI to infuse Rs 1,160 cr in credit card JV companies

Mumbai: The SBI on Wednesday said the executive committee of its central board (ECCB) has approved infusion of additional capital up to Rs 1,160.04 crore in credit card JV companies — SBI Cards & Payment Services and GE Capital Business Process Management Services Ltd.

Central Board at its meeting on March 15 accorded its approval for raising of equity capital

The Central Board of the country’s largest lender, State Bank of India, also accorded approval for raising equity capital up to Rs 15,000 crore during 2017-18 fiscal, the bank said on Wednesday.

“… the ECCB at its meeting held today (Wednesday) gave approval for infusing additional capital up to Rs 1,160.04 crore in credit card JV companies, namely SBI Cards and Payment Services and GE Capital Business Process Management Services Ltd., through purchase of equity shares from GE Capital so as to increase the bank’s stake in both the companies to 74 per cent,” the lender said in a filing to BSE.

Another bank filing said: “The Central Board at its meeting on March 15 accorded its approval for raising of equity capital up to Rs 15,000 crore during FY 2017-18….”

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