SBI will have a majority stake in the proposed JV.
The JV will provide various payment options to customers and merchants focusing on areas such as rollout of a nationwide card acceptance infrastructure, quick response code acceptance, Unified Payment Interface, mass transit sector and e-commerce businesses.
In a separate tweet, the fair trade regulator said it has given green signal to Ageas Insurance International's acquisition of 40 per cent equity share in Royal Sundaram General Insurance.
Royal Sundaram is a provider of general (non-life) insurance services in India and is a subsidiary of Sundaram Finance Group.
The CCI "approves acquisition of 40 per cent of the equity share capital of Royal Sundaram General Insurance Co. Limited by Ageas Insurance International N.V," the regulator said in a tweet.
Ageas, a global insurance service provider, currently has only an indirect business presence in India through its investment comprising 26 per cent of the equity shareholding in IDBI Federal Life Insurance (IFLI).
IFLI is a JV between IDBI Bank, the Federal Bank and Ageas which provides life insurance services in India.
Besides, the regulator approved acquisition of 100 per cent of the shares of GrazianoFairfield by the Dana International Luxembourg.
Dana International is a wholly-owned indirect subsidiary of Dana Inc. It is a global supplier of driveline, sealing and thermal-management products to manufacturers of light and commercial vehicles.
GrazianoFairfield is a wholly-owned subsidiary of OC Oerlikon Corporation and it is engaged in drive systems business.
The 'drive systems segment' includes the supply of planetary gearboxes, transmissions, gears, synchronizers, and other components and sub-assemblies to be used in various vehicle and industrial applications.
Deals beyond a certain threshold require approval from the CCI.
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