The country's largest lender State Bank of India (SBI) on Monday has joined hands with e-commerce giant Amazon to provide a 10 percent instant discount and cashback to all purchases made under Amazon's upcoming Great Republic Day Sale to its customers.

Further, the sales will start 24 hours in advance for Amazon Prime members.

The Amazon Great Republic Day Sale, a highly anticipated event across the country that takes place prior to the 'Republic Day' festivities, is expected to commence earlier this year, as per the reports.

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Amazon, along with rivals Flipkart, will reportedly advance the date of the sales due to the fears that the rise in COVID-19 cases might adversely affect the supply chain.

While the event usually lasts for three to four days and begins around January 20-22, this year’s sales will start around January 16-17, reported The Economic Times.

Amazon Seller Services, the India online marketplace unit of e-commerce giant Amazon, saw its losses narrowing to Rs 4,748.1 crore for the financial year 2020-21 from the previous year, while its revenue from operations rose 49.3 percent to Rs 16,200.3 crore, as per regulatory documents. Amazon Seller Services had recorded a net loss of Rs 5,849.2 crore, while its revenue from operations stood at Rs 10,847.6 crore in FY20.

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"The company has suffered a loss of Rs 47,481 (in millions) during the year. The company has posted the revenue from operations of Rs 162,003 (in millions) for the financial year ended March 31, 2021," according to the Registrar of Companies filing shared by business intelligence firm Tofler. According to the filing, Amazon Seller Services saw its total expenses rising from Rs 16,877.1 crore in FY20 to Rs 21,127 crore in FY21.

(With agency inputs)

(Edited by : Jomy Jos Pullokaran)