State Bank of India, the country's largest lender is set to raise its stake in SBI card to 74% by June 2017. The announcement was made at the launch of SBI card, Unnati. "Stake will be increased by first quarter of the next financial year, few regulatory issues are yet to be sorted out," informed SBI's chairperson, Arundhati Bhattacharya.
The bank has permitted to pervade Rs 1,160 crore in the two Joint Ventures through purchase of equity shares from GE Capital to raise its stake to 74%, and SBI's board has already sanctioned hike of the bank's stake in its two credit card JVs .
When asked about the remaining 26%, Arundhati Bhattacharya said while speaking to a leading financial daily, the decision has to be taken by GE.