SBI plans $2bn distressed asset fund.
Banks in Distress: The State Bank of India (SBI) is mulling the possibility of the creation of a distressed asset fund worth $2bn, formed along the lines of the government’s alternative investment fund (AIF), noted SBI Chairman Rajnish Kumar.
“We are expanding our fund management business. At present, SBICAP Ventures - the fund management arm of the group - is managing a realty fund. It is looking at a distressed asset fund too,” he said. SBICAP Ventures is also looking to raise money from an international partner. Moneycontrol
Fraud, No More: In an attempt to curb the increasing number of ATM-related frauds, SBI has introduced a one-time password (OTP)-based cash withdrawal system for its ATMs, beginning today.
The bank said that this facility will be available for transactions above ?10,000 between 8 pm and 8 am, only at SBI ATMs. Livemint
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