State Bank of India (India) today rejectd rumours of its proposed joint venture with French financial services major Societe Generale. The bank said it has not received any official communication from the regulators.
SBI had entered into an agreement with Societe Generale Securities Services (SGSS), a division of Societe Generale Group in June this year to provide a range of security services like reporting, corporate actions, dividends collection and distribution, tax reclaim services amongst others.Following the signing of the pact, SBI is presently waiting for the Reserve Bank of India approval while Societe Generale's proposal is pending with the Foreign Investment promotion Board (FIPB).
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