State Bank Of India

State Bank of India (SBI) has received its board’s approval to raise Rs 8,000 crore through various sources, including masala bonds, to meet Basel III capital norms. The bank has time limit until March 2018 to raise the funds. Banks in India have to comply with the global capital norms under Basel III by March 2019, three months later than the internationally agreed time frame by January 2019. The company’s board gave approval for the same at its meeting held on December 27, 2017.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.