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SBI approves plan to raise up to $2.3 billion in capital
March 15, 2017 / 3:40 PM / 8 months ago

SBI approves plan to raise up to $2.3 billion in capital

MUMBAI (Reuters) - State Bank of India (SBI), the country’s biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.

A security personnel stands guard in front of the gate of the State Bank of India (SBI) regional office in Kolkata May 23, 2014. REUTERS/Rupak de Chowdhuri/File Photo

In January, SBI Chairman Arundhati Bhattacharya told Reuters the bank could tap capital markets next fiscal year to raise up to $1.5 billion.

Ratings agency Fitch estimates India’s banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.

SBI last sold shares in January 2014 to raise $1.2 billion.

On Wednesday, SBI also decided to inject 11.6 billion rupees into two credit card joint ventures companies - SBI Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd. - to raise its share in both the companies to 74 percent, it said in a separate statement.

($1 = 65.6300 Indian rupees)

Reporting by Rajendra Jadhav; Editing by Mark Potter

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