The State Bank of India (SBI) said on Wednesday that its board has authorized a plan to raise Rs10,000 crore through Tier I bonds.
The government of India must approve the fundraising through Additional Tier 1 (AT1) capital up to a value of Rs10,000 crore, the bank stated in a regulatory filing.
According to the statement, the Central Board has given its clearance for capital raising through the issuing of Basel III-compliant debt instruments in INR and/or any other convertible currency up until FY24.
The fund would support the bank's loan book expansion.
SBI reported last week that its personal banking advancesâ€”excluding high-value house loansâ€”have surpassed the Rs5 lakh crore threshold.
The largest lender in the nation took a year to record the most recent Rs1 lakh crore in advances, compared to almost 15 months for the Rs1 lakh crore that came before it and over 30 months for the Rs 1lakh crore that came before that.For feedback and suggestions, write to us at email@example.com
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