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SBI says seeks between $1.1 bn-$3.3 bn capital infusion

SBI says seeks between $1.1 bn-$3.3 bn capital infusion
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First Published: Thu, Aug 11 2011. 06 30 PM IST
Updated: Thu, Aug 11 2011. 06 30 PM IST
Mumbai: State Bank of India (SBI), the country’s top lender, has sought a capital infusion of between Rs5,000 crore and Rs15,000 crore ($1.1 billion-$3.3 billion) from the government, its chairman said.
The state-run lender needs funds to meet its future credit growth requirement.
“We have not zeroed in the number. The number that we have put on the table is between Rs50 to 150 billion from the government...and simultaneously through internal accruals,” Pratip Chaudhuri told reporters on Thursday.
“It may come in (tranches) ... It may come in one go. It will depend upon what government wants.”
He said the bank will need Rs20,000 crore -23,000 crore.
“It will be required for capital. Part of it will come from internal accruals. Those details are being worked on,” he said.
The Reserve Bank of India (RBI) stunned investors by raising interest rates by 50 basis points, showing unexpected resolve in fighting persistently high inflation despite slowing growth in Asia’s third-largest economy and uncertain global demand.
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First Published: Thu, Aug 11 2011. 06 30 PM IST
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