1 week ago
SBI Expects Nearly $10 Billion From NRI, Foreign Investors
State Bank of India wants to raise a large amount of money from overseas sources.
The bank expects the total to be about $9 billion to $10 billion.
Much of this money is expected to come from deposits.
Non-resident Indians and foreign investors are expected to contribute.
The bank may also use external commercial borrowings, known as ECBs.
These borrowings can give the bank more time to repay the money.
The chairman said the target should be reached by August 31.
The statement was made in an interview with PTI.
State Bank of India expects to mobilise approximately $9 billion to $10 billion by August 31.
The funds are expected to come predominantly from deposits.
Non-resident Indians and foreign investors are identified as key sources of the funds.
SBI Chairman said external commercial borrowings are also visible as a funding avenue.
External commercial borrowings would provide SBI with a longer repayment period, according to the chairman.
- Who
- State Bank of India and its chairman; non-resident Indians and foreign investors are expected to provide much of the funds.
- What
- SBI plans to mobilise approximately $9 billion to $10 billion on a consolidated basis.
- Where
- The location was not specified; the funds are expected to come predominantly from overseas deposit sources.
- When
- By August 31; the year was not specified.
- Why
- To raise funds, primarily through deposits, with external commercial borrowings also being considered.
Key facts
- Expected amount
- Approximately $9 billion to $10 billion
- Deadline
- August 31
- Main funding source
- Deposits
- Other funding avenue
- External commercial borrowings
- Expected borrowing period
- External commercial borrowings would have a longer period available to SBI
- Basis
- The estimate is on a consolidated basis
Quotes
SBI chairman
Chairman of the State Bank of India, speaking in an interview with PTI
“In aggregate, we must be reaching the $10 billion mark, predominantly coming from the deposit side. But there is visibility of ECBs. ECB, of course, will have a longer period available to us, but by August 31, we should have mobilised around $9-10 billion on a consolidated basis,”
timesnownews.com
Sources
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