An SBI branch in Mumbai, India. (Photographer: Abeer Khan/Bloomberg) Show Quick Read Summary is AI Generated. Newsroom Reviewed

The Reserve Bank of India turned down a proposal by the country’s largest bank to increase its stake in an institutional equities joint venture with a local unit of Investec Plc, according to people familiar with the matter.

SBI Capital Markets Ltd., an arm of State Bank of India, had sought the central bank’s approval to increase its shareholding in the partnership to around 40%, from about 20%, the people said, asking not to be identified discussing private information. Concerns centered on duplication of businesses within the wider group of SBI companies, one of the people said.

The regulator has asked SBI to either move to full ownership or else ensure

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