The State Bank of India and the Central Bank of Russia signed a protocol of intentions for the opening of a wholly Indian-owned subsidiary in Russia.
The commercial bank would be a joint venture by the State Bank of India and Canara Bank in which they would have 60-40 per cent stake respectively. The New Bank is expected to be become operational next year and will provide trade finance products such as Line of Credit and guarantees, SBI Moscow station manager Prithvi Das said. Bureau Report