SBI enters into MoU with Tata trust

State Bank of India (SBI) has entered into a memorandum of understanding (MoU) with Sir Dorabji Tata Trust & The Allied Trusts for poverty alleviation and rural development in a sustainable way. As per MoU, Tata Trusts will provide training and capacity building, identify partner organizations such as farmer producer companies and self help groups and provide implementation and technical support to make them sustainable. The Bank would take care of the need-based credit support by providing working capital. The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.