SBI to acquire 9.95% stake in Clearing Corp

State Bank of India is going to acquire up to 9.95 per cent stake in India International Clearing Corporation (IFSC) Ltd subject to a maximum investment of Rs 34.03 crore.

The Clearing Corporation is a GIFT City (Gandhinagar, Gujarat) based Market Infrastructure Institution (MII).

The Corporation is the first international clearing corporation to be set up at Gujarat International Finance Tec-City (GIFT) International Financial Services Centre (IFSC).

The Clearing Corporation acts as a central counterparty providing clearing & settlement and risk management services to India International Exchange (IFSC) Ltd.

Is SBI fully government bank?

State Bank of India (SBI), state-owned commercial bank and financial services company, nationalized by the Indian government in 1955. SBI maintains thousands of branches throughout India and offices in dozens of countries throughout the world. The bank’s headquarters are in Mumbai.

What is the government stake amount in SBI?

As on 31 March 2017, Government of India held around 61.23% equity shares in SBI.

How much stake does RBI holds in SBI?

The government acquires the entire RBI stake of 59.73 per cent in SBI at around Rs 35,531 crore. In its biggest ever cash purchase, the Union Government on Friday acquired the entire RBI stake of 59.73 per cent in the country’s largest lender SBI at around Rs 35,531 crore.

Is it safe to invest in SBI?

The mutual fund schemes by SBI are one of the country’s trusted and reliable fund schemes. Tax Benefits: Saving tax is easier with SBI Mutual Fund. The company provides Equity Linked Savings Scheme for investors to save tax. NRI Investment: The company also allows NRIs to invest in its Mutual Funds.

Is SBI a government job?

Yes. State Bank of India is a public sector banking, its is a government-owned corporation. The State Bank of India (popularly known as SBI) is one of the leading and top public sector Bank in India.