State Bank Of India

State Bank of India (SBI) has sanctioned a loan of Rs 6,000 crore to the Andhra Pradesh State Development Corporation (APSDC) for taking up various developmental works in the state.

With its finances under strain, the state government established the AP State Development Corporation (APSDC) on August 27 as a new avenue to borrow more money and channelise donations from different sources. Money borrowed by SDC will not come under the Fiscal Responsibility and Budget Management Act limits, providing a major relief to the state government as it is set to raise more loans to meet its needs, including payment of salaries.

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.