State Bank of India receives RBI approval for setting up digital payment intelligence platform

State Bank of India (SBI) received approval from the Reserve Bank of India (RBI) on Wednesday, December 10, to establish a section 8 company i.e., Indian Digital Payment Intelligence Corporation.

In a regulatory filing, the public sector bank said that it received the approval “to establish a Section 8 Company under the Companies Act, 2013, for Digital Payments Intelligence Platform.”

The approval is subject to the exemption granted by the Department of Financial Services, Ministry of Finance, to SBI to hold shares in excess of 30% of the paid-up share capital in the proposed company, till October 16, 2026, it added.

What is a Section 8 company?

Under the Companies Act, 2013, a section 8 company is a firm registered for charitable purposes. Its primary purpose is to promote causes related to commerce, art, sciences, research, education, social welfare, charity, religion, or environmental protection. They cannot pursue commercial profit-making activities.

SBI MD flags concerns on Account Aggregator's single consent

SBI managing director Ashwini Kumar Tewari on Wednesday expressed concerns over Account Aggregator's mechanism of obtaining a single consent from customers for all financial services products, as per a PTI report.

Speaking at an event in Mumbai, Tiwari argued that most customers do not read the fine print and often sign up without understanding the details.

SBI share performance

Shares of State Bank of India ended 0.14% lower at ₹958 apiece on the National Stock Exchange (NSE) on Wednesday. However, the development was announced after the market closed.

The stock has advanced nearly 1% in the past week and over the month. On a year-to-date basis, it has gained about 21%.

While the scrip touched a 52-week high of ₹999 on November 26, 2025, it reached a year’s low of ₹680 per equity share on March 3, 2025.

Q2 Results

The country’s largest lender reported a 10% year-on-year (YoY) increase in its net profit to ₹20,160 crore for the second quarter of FY26, compared to ₹18,331 crore in the same period last financial year.

Its Net Interest Income (NII) advanced 3% annually to ₹42,984 crore during the quarter under review, as against ₹41,620 crore for the September quarter of FY25.

SBI has a total market capitalisation of ₹8.84 lakh crore, as of December 10, 2025, according to data on the NSE.