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Bharti, SBI to invest Rs100 crore in mobile banking JV

Bharti, SBI to invest Rs100 crore in mobile banking JV
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First Published: Wed, Jan 12 2011. 03 16 PM IST
Updated: Wed, Jan 12 2011. 03 16 PM IST
New Delhi: India’s top mobile operator Bharti Airtel and State Bank of India (SBI) will together initially invest Rs100 crore ($22 million) in a joint venture for mobile-based banking, O.P. Bhatt, chairman of the country’s top lender, said on Wednesday.
Bharti Airtel said in September it had received a licence from the Reserve Bank of India (RBI) to launch mobile payment services.
Bharti Airtel had 149.4 million mobile customers in India at end-November, in a market of more than 700 million mobile users. India is the world’s fastest-growing and the second-biggest market for mobile connections.
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First Published: Wed, Jan 12 2011. 03 16 PM IST
More Topics: Bharti Airtel | SBI | Mobile banking | JV | RBI |