Mobile Banking JV - Bharti, SBI to invest $22 mn

India's top mobile operator Bharti Airtel and State Bank of India will together initially invest 1 billion rupees ($22 million) in a joint venture for mobile-based banking, O.P. Bhatt, chairman of the country's top lender, said on Wednesday.

Bharti Airtel said in September it had received a licence from the central bank to launch mobile payment services.

Bharti Airtel had 149.4 million mobile customers in India at end-November, in a market of more than 700 million mobile users. India is the world's fastest-growing and the second-biggest market for mobile connections.

Singtel buys $30 mn worth of shares in Bharti Airtel

Singapore Telecommunications said on Tuesday it has paid S$39 million ($30 million) for 4.07 million shares in Bharti Airtel Ltd , pushing up its stake in the Indian firm to 32.15 percent from 32.04 percent previously.

Singtel stock closed up 0.66 percent on Tuesday at S$3.07.