State Bank of India is looking to raise its stake in two credit card joint ventures with General Electric Co. amid an increase in digital payment activities in India due to the government's demonetization initiative, The Economic Times reported Feb. 1, citing "three people with direct knowledge of the plan".

The bank plans to boost its stake in GE Capital Business Process Management Services to at least 51% from 40%. It also wants to increase its stake in SBI Cards and Payments to 74% from 60%.

Japan's Credit Saison Co. Ltd., Warburg Pincus LLC and Carlyle Group LP reportedly submitted bids for GE's stake in SBI Cards in December 2016. One of the sources told the publication that institutional and strategic bidders will now get a minority stake in the company as State Bank of India wants to "gain significant control of the business."