State Bank Of India

State Bank of India (SBI), country’s largest public sector lender, has entered into a term loan agreement with Bharat Petroleum Corporation (BPCL) to set-up rupee loan facility. The facility will be used to finance capital expenditure on BPCL’s ongoing and new projects.

Under the facility, BPCL can avail a loan of up to Rs 4,000 crore which can be drawn over a period of 3 years. The loan carries a floating rate of interest linked to base rate and has a door to door maturity of 10 years.

The bank has posted a rise of 23.06% in its net profit at Rs 3742.02 crore for the quarter ended March 31, 2015 as compared to Rs 3040.74 crore for the same quarter in the previous year. Total income of the bank has increased by 14.54% at Rs 48616.41 crore for quarter under review as compared to Rs 42443.27 crore for the quarter ended March 31, 2014.