HomeNewsBankingSBI acquires 9.95% stake in India International Clearing Corporation (IICC)

SBI acquires 9.95% stake in India International Clearing Corporation (IICC)

SBI acquires a 9.95% stake in India International Clearing Corporation (IICC) – State Bank of India, India’s largest public-sector lender is going to acquire up to a 9.95 per cent stake in India International Clearing Corporation (IFSC) Ltd subject to a maximum investment of ₹34.03 crores.

  • SBI investment will be strategic and will aim to strengthen the financial markets infrastructure in a regulatory filing.
  • the Reserve Bank of India (in July 2021) and IFSC Authority (in July 2021) have given their approvals to SBI for the acquisition.

About State Bank of India (SBI) –

  • Chairperson: Dinesh Kumar Khara
  • Headquarters: Mumbai
  • Founded: 1 July 1955

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