State Bank Of India

State Bank of India (SBI) has received Board approval to raise Rs 15,000 crore to shore up its equity capital in the bank for next year. The Bank’s board gave approval to raise the same by way of FPO / Rights Issue / ESPS / ESOS/ QIP / ADR / GDR and any other mode or a combination of these on March 15, 2017.

The Board also gave approval to infuse Rs 1160.04 crore in its credit card joint venture - SBI Cards Payment Services and GE Capital Business Process Management Services.

Moreover, SBI has already started the process to merge its five associate banks with itself from April 1, which would require it to raise funds.