SBI shortlists 3-4 companies for merchant acquisition JV
15 Jan 2010
The State Bank of India (SBI), the country's largest lender, has shortlisted three to four companies for its proposed joint venture for merchant acquisition business and hopes to finalise the partner by March.
"We have shortlisted thre - four companies for the proposed JV. We expect to select the final partner over the next two - three months," Brajesh Varma, deputy general manager (new business), SBI, said in Mumbai.
SBI, he said, has received letters of interests from around 10-12 global players, of which three companies have been short-listed now. Varma, however, did not divulge the identity of the three companies.
Merchant acquisition business involves settlement of transactions made on credit cards. SBI would set up points of sale (PoS) terminals at merchant outlets across the country for the swiping of cards.
The merchant acquisition business would help SBI increase its fee-based income.
