State Bank of India (SBI) has planned to take a loan of 1.25 billion dollars i.e. Rs 10,553 crore. This will be the largest loan taken in dollars by any bank this year.
According to media reports, people associated with the case gave this information. CTBC Bank, HSBC Holdings and Taipei Fubon Bank are helping SBI in obtaining this five-year loan. On this loan, SBI will have to pay 92.5 basis points more interest than the secured overnight financing rate. SBI is the largest bank in the country.
No response has been received from SBI regarding this news till now.
SBI is taking this loan through its branch located at Gujarat International Finance Tech-City. The loan money will be used for general business needs. However, no response has come so far from SBI in this regard.
SBI is raising foreign currency loans in collaboration with local financial institutions.
SBI is raising this foreign currency loan in collaboration with some local financial institutions. Due to strict rules in India, NBFCs are raising loans in dollars. NBFC needs money to expand its business.
Cholamandalam Investment and Finance Company is raising loan of 300 million dollars
Cholamandalam Investment and Finance Company is raising a loan of $300 million. Bank of Baroda is raising a loan of $75 crore. Despite these efforts to raise loans in dollars from abroad, the value of loans raised in dollars this year has declined by 27% to $14.2 billion.
In July, SBI had raised a loan of $ 75 crore.
This information is based on Bloomberg data. The reason for taking less loan in dollars this year is that till now no big company has raised loan. In July, SBI had raised a loan of $75 crore. It was a three-year loan.
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