Breaking News

You are here » Indian-Commodity  :  Corporate  :  State Bank Of India inks Preliminary Non-Binding MoU with RDIF


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.

Related News

View all news

ICICI Bank unveils 'mVisa' mobile payment service

ICICI Bank has unveiled 'mVisa', a new mobile payment solution from Visa. This service enables customers to make electronic payments from their smartphones at physical stores, e-commerce & other......

Axis Bank unveils mobile banking applications for corporate clients

Axis Bank, the country's largest private sector lender, unveiled a slew of mobile banking applications for its corporate clients which would help the bank grow its corporate customer base. The bank has......

Tata Motors' arm to invest $2 billion in Slovakia to set up manufacturing base

Tata Motors' subsidiary Jaguar Land Rover (JLR) will invest about $2 billion in the first phase to set up a manufacturing base in the Republic of Slovakia. The company is planning to generate 400 jobs......

Top News

View all news

DLF, Tata Motors, FCEL and Future Retail to see some action today

K P Singh and his family, promoters of India's largest real estate company, DLF, will sell their 40 percent stake in the company's rental arm, DLF Cyber City Developers (DCCDL), to institutional investors.......

L&T, Bharti Airtel and Kotak Bank to see some action today

Indian engineering major, Larsen & Toubro (L&T), in partnership with Korea's Samsung Techwin (STW), has bagged Rs 4,875-crore ($750 million) order for supplying the Indian Army with 100......

NTPC, Coal India, Biocon and NBCC to see some action today

State-run NTPC will consider selling electricity to Bangladesh from its upcoming 750 MW plant at Kokrajhar in Assam once the neighbouring country finalizes plans to buy power from Palatana project in Tripura.......