Tuesday, August 07, 2007 - State Bank of India (SBI), has signed a memorandum of understanding (MoU) with MITCON Consultancy Services Limited to provide one-stop solutions to industries for clean development mechanism (CDM) projects and emissions trade jointly.

The MoU was signed by SBI Deputy Managing Director and Chief Credit Officer Ms. Bharati Rao & Dr. Pardeep Bavadekar, Managing Director, MITCON, in the presence of the bank’s Chairman Mr. O. P. Bhatt, Mr. T. S. Bhattacharya, and other senior functionaries of the SBI Bank in Mumbai.

SBI proposes to provide a single point delivery of services related to Carbon Credits / Clean Development Mechanism (CDM), under the Kyoto Protocol, to its customers. These include apart from finance to implement CDM projects, advisory services and value added products like securitization of carbon credit receivables, carbon credit delivery guarantees and escrow mechanism for carbon credits.

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