Categories: Banking

SBI to acquire 9.95% stake in GIFT-IFSC-based Clearing Corp

State Bank of India will 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.

Buy Prime Test Series for all Banking, SSC, Insurance & other exams

Important takeaways for all competitive exams:

State Bank of India Founded: 1 July 1955;
State Bank of India Headquarters: Mumbai;
State Bank of India Chairman: Dinesh Kumar Khara.

Find More Business News Here

Sumit Arora

As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.