SBI to raise INR 20,000 crore

SBI to raise INR 20,000 crore

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State Bank of India (SBI) is planning to raise INR 20,000 crore for financing infrastructure and affordable housing.

SBI added“A proposal will be submitted to Executive Committee of Central Board (ECCB) for approval for issuance of long term bonds of Rs 20,000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5,000 crore intimated earlier,” SBI said.

Earlier this week, SBI announced plans to raise up to USD 2 bn (over INR 12,600 crore).

The stock was flat at Rs. 302.

The stock has hit a high of Rs. 304 and a low of Rs. 302.

Last month, SBI said its board had approved raising INR 8,000 crore through various sources, including masala bonds, to meet Basel III capital norms.

State Bank of India (SBI) the largest commercial bank in India in terms of assets, deposits, profits, branches, customers and employees. As on September 30, 2017, the bank has a deposit base of Rs. 26.23 lakh crore with CASA ratio of 43.81% and advances of Rs. 18.92 lakh crore. SBI has 31.97% market share in home loans and 34.64% market share in auto loan. The Bank has the largest network of 22900 branches in India and ATM network of 58,916. SBI is present in 36 countries with 205 offices. SBI has 2.57 crore mobile banking users and 4.2 crore internet banking customers.