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State Bank Of India inks Preliminary Non-Binding MoU with RDIF

State Bank of India has signed a Preliminary Non-Binding Memorandum of Understanding (MoU) with Russian Direct Investment Fund (RDIF), to facilitate advancing bilateral economic cooperation and trade between Russia and India, aimed at exploring investment opportunities in both the countries.

The modalities of the Joint Venture are expected to be further discussed and finalised between the parties in due course. The fund will be operationalised on receipt of requisite regulatory approvals.

On consolidated basis, the bank has reported 31.84% rise in its net profit at Rs 4575.31 crore for the quarter as compared to Rs 3470.43 crore for the same quarter in the previous year. Total income of the bank has increased by 21.03% at Rs 49917.47 crore for quarter under review as compared to Rs 41244.65 crore for the quarter ended September 30, 2011.

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