State Bank Of India

State Bank of India (SBI) has signed an agreement with German KfW Development Bank for $274 million (Rs 1,800 crore) loan facility to finance affordable housing segment in the country.

With focus on housing loans for economically weaker sections (EWS) and lower income group (LIG) households, the facility is designed to complement the government’s flagship affordable housing programme, the Pradhan Mantri Awas Yojana.

SBI, which is slated to enjoy one-fourth market share with the merger of its associate banks with itself in FY18, is planning to create a digital-only bank platform to allow transactions to be done with the help of apps, internet banking and mobile banking.