SBI inches up on signing pact with VCCL, SMPL and PDL

State Bank Of India is currently trading at Rs. 460.25, up by 0.15 points or 0.03% from its previous closing of Rs. 460.10 on the BSE.

The scrip opened at Rs. 460.00 and has touched a high and low of Rs. 464.80 and Rs. 457.30 respectively. So far 736357 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 471.85 on 17-Sep-2021 and a 52 week low of Rs. 182.40 on 30-Sep-2020.

Last one week high and low of the scrip stood at Rs. 464.80 and Rs. 439.05 respectively. The current market cap of the company is Rs. 410309.02 crore.

The promoters holding in the company stood at 57.62%, while Institutions and Non-Institutions held 34.68% and 7.70% respectively.

State Bank of India (SBI) has signed agreement with Vedika Credit Capital (VCCL), Save Microfinance (SMPL) and Paisalo Digital (PDL). The agreement is for co-lending to individual members of JLGs to undertake agriculture and allied activities including other income generation activities. This initiative will financially empower millions of people and will augment the bank’s vast distribution network. This will also encourage entrepreneurship among the underserved population which in-turn will provide a boost to the Indian economy.

With these partnerships, the lender would be able to further increase its reach in rural and semi-urban areas by offering small ticket loans, the release said. It is actively looking at co-lending opportunities with multiple NBFCs / NBFC-MFIs for financing farm mechanisation, warehouse receipt finance, farmer producer organisations (FPOs) and for enhancing credit flow to double the farmers’/individuals’ income.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

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