MUMBAI State Bank of India (SBI), the country's biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.In January, SBI Chairman Arundhati Bhattacharya told Reuters the bank could tap capital markets next fiscal year to raise up to $1.5 billion.
Ratings agency Fitch estimates India's banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.
SBI last sold shares in January 2014 to raise $1.2 billion.
On Wednesday, SBI also decided to inject 11.6 billion rupees into two credit card joint ventures companies - SBI Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd. - to raise its share in both the companies to 74 percent, it said in a separate statement. ($1 = 65.6300 Indian rupees) (Reporting by Rajendra Jadhav; Editing by Mark Potter)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Your guide to the latest seat tally, live updates, analysis and list of winners for Lok Sabha Elections 2019 on firstpost.com/elections. Follow us on Twitter and Instagram or like our Instagram or like our Facebook page for updates from all 542 constituencies on counting day of the general elections.
Updated Date: Mar 15, 2017 21:45:05 IST