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Hitachi to double fintech sales in India as e-payment grows

Tie-up with State Bank of India gives access to new customers

E-commerce and cashless payments are growing rapidly in India. (Photo by Mamoru Yago)

TOKYO -- Hitachi will form a financial technology joint venture with State Bank of India to extend its reach in the South Asian country's fast-growing cashless payment market.

Hitachi will take a 26% stake by month's end in a subsidiary of the state-owned lender, which serves more than 400 million customers and boasts 34 trillion rupees ($482 billion) in assets.

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