SBI-Airtel JV for financial services falls through

State Bank of India’s proposed joint venture with Bharti Airtel has fallen through after the Reserve Bank of India expressed apprehensions over letting a telecom player into the banking space through equity participation. The proposed JV in which SBI would have 51 per cent stake and Bharti 49 per cent was announced in January, with an objective of extending banking services in rural areas through the business correspondent model. The incorporation of the joint venture was scheduled by March 2011


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