State Bank of India (SBI) has received in principle approval from RBI to set up a subsidiary that will manage the real estate of the government owned bank.
The new subsidiary will not house any real estate owned by the bank. Its role would be to frame and implement a uniform policy for all the real estate properties owned or rented by the bank. Besides huge corporate office located in Nariman Point, the bank has over several zonal offices and local offices and 16000 branches across India, which has prompted the bank to set a subsidiary to oversee all the real estate related requirement of the bank. The bank has appointed accounting firm KPMG as an advisor.