SBI inks MoU with Damodar Valley Corporation

New Delhi, Jun 25 (UNI) State Bank of India, the country's largest bank, today signed a Memorandum of Understanding (MoU) with Damodar Valley Corporation (DVC) for providing integrated financial services to DVC, which is looking at increasing its thermal power capacity by five times during the current five-year plan.

DVC is in the process of implementing its expansion plan to pursue further growth in the areas of power and other mandated activities of DVC (Development Programme).

The bank said in the statement that the intent of the MoU is to further strengthen the relationship between SBI and DVC in a mutually beneficial way. The various services envisaged to be offered by the bank under the agreement includes project advisory, project appraisal, syndication, providing integrated banking services to DVC and its employees, including superannuation services among others.

Speaking on the occasion, SBI Chairman O P Bhatt said, ''It is an historic occasion when for the first time two Public Sector entities are coming together to rededicate themselves for overall social well-being of the people in the various districts of West Bengal and Jharkhand falling in the command area of Damodar Valley Corporation.'' UNI SG SR AS1656