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.
Press-release at the NDB official web-site