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State Bank's credit card unit lines up IPO on bets Modi reforms to cheer investors

As many as 16 IPOs have already won regulatory approval

SBI has filed an initial draft with the Securities Exchange Board of India to sell up to a 4% stake in its credit card business.   © Reuters

MUMBAI (NewsRise) -- State Bank of India's credit cards unit is gearing up for the launch its initial public offering amid bets that improving liquidity in the banking system and more government reforms will boost the stock market.

Prime Minister Narendra Modi's administration is expected to unleash a slew of reforms to boost consumption in Asia's third-largest economy, which is in the throes of a prolonged slowdown as banks tightened lending in the face of ballooning bad debt. The economic growth has decelerated for six consecutive quarters even after India's central bank steadily cut interest rates to the lowest in almost a decade.

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