India’s SBI to Revamp Transaction Banking Business

State Bank of India (SBI), the country’s biggest lender, plans to overhaul its transaction banking business, which will include involving trade finance and IT platform-based services for liquidity management according to local reports.

It will hire a strategic advisor for restructuring the business, which covers products and services for the government, mid-sized and major corporates.

An SBI official said that the bank plans to respond to the growth of electronic transfers for payments by revamping its processes and product offerings to retain its edge, especially in the highly competitive business segment where private and international banks also have significant presence.

The report came as Indian bank employees, working largely for the country’s dominant state-owned lenders, called off a planned four-day strike after agreeing a 15% wage increase.

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