“The bank has appointed a consultant for the process, and we are at the Expression of Interest stage. As you know, there are very regulatory processes involved, so it is very difficult to give a timeline,” he said.
The Executive Director clarified that the money realised from the sale of stake would be utilised as growth capital for SBM (India)
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The official further said the parent company had infused Rs 75 crore in June, while another Rs 75 crore would be coming later this month to grow the business.
The bank has aimed for of 32-35 per cent in FY27.
Earlier on Monday, the bank opened its 23rd branch in Gurugram near Delhi.
Jagdhari said is also engaged in strengthening its alongside its physical expansion.
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The bank recently launched an online platform powered by Sprint Money to expand its digital wealth proposition. The platform was made available on both the bank’s Mobile Banking and Internet Banking applications, enabling customers to invest seamlessly across a wide range of mutual fund schemes.
The platform also allows customers to access Morningstar ratings, portfolio analytics and comprehensive fund information, aiding them in their evaluation of investment opportunities and making informed decisions aligned with their financial goals and risk preferences.
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