New Development Bank and State Bank of India Sign Memorandum of Understanding to Establish Partnership

On 28 May 2018, the New Development Bank (NDB) and the State Bank of India (SBI) signed Memorandum of Understanding to promote and establish general cooperation. The Memorandum was signed in Shanghai by Mr. K. V. Kamath, the NDB President and Mr. Rajnish Kumar, the Chairman of SBI.

The Memorandum provides a framework for cooperation in a number of areas, including loan services, settlement agency business, cash management, personal finance and others.

According to the Memorandum, both Participants are willing to establish a long-term, stable, and mutually beneficial partnership by optimizing their resources and professional advantages.

“The New Development Bank is looking forward to drawing on our advantages and joining efforts with the State Bank of India to develop infrastructure projects and explore other opportunities for cooperation,” said Mr. K. V. Kamath. “NDB strives to be closer to the needs our member countries and to respond quickly and flexibly. We believe that partnerships with key national and global institutions are important for us in order to provide appropriate products and services,” added Mr. K.V. Kamath.

“It is indeed a proud moment for SBI to sign MoU with NDB, which will provide a framework to strengthen cooperation and collaboration between the two institutions. With this MoU and enhanced partnership, we shall work together in areas of mutual interest and promote the developmental goals of BRICS countries. We look forward to fully exploring the opportunities that this new relationship with NDB will provide in the areas that are of immediate importance to BRICS nations,” said Mr. Rajnish Kumar.

Background Information

New Development Bank

The New Development Bank is a multilateral development bank established by Brazil, Russia, India, China and South Africa in 2014. The Bank is mandated to mobilize resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, complementing the efforts of multilateral and regional financial institutions for global growth and development.

State Bank of India

State Bank of India (SBI) is the largest bank in India in terms of assets, deposits, branches, customers and employees. As on March 31, 2018, the bank has a deposit base of Rs.27,063 Bln with advances of Rs. 20,483 Bln. SBI has the largest network of 22,414 branches in India and ATM network of 59,541. SBI is present in 37 countries with 198 offices. SBI has 30.05 mln mobile banking users and 47.9 mln internet banking customers. SBI has the highest number of followers on Facebook, Youtube, Linkedin and Pinterest. Bank tops the list of followers on Facebook and Youtube across all banks in the world.