Mumbai: The Central Board of the State Bank of India (SBI) on Wednesday approved the raising of up to Rs 25,000 crore through bonds in the financial year 2020-21. Also Read - SBI Online Banking System Down Due to Intermittent Connectivity Issues; ATMs, PoS Working
In a regulatory filing, the bank said that it has approved the “raising of capital by issuance of Basel III compliant debt instruments in USD and/or INR during FY21.” Also Read - To Revive Demand Ahead of Festive Season, SBI Offers Personal Loans With Big Benefits | Details Here
The fund raising would include fresh Additional Tier 1 (AT 1) capital up to an amount of Rs 4,000 crore and raising of fresh Tier 2 capital up to an amount of Rs 10,000 crore. Also Read - Fraud Alert! SBI Warns Customers About Fake Alert E-Mails, Asks Users to Think Before They Click
The board also approved “to redeem existing Tier 2 capital bonds of Rs 11,015 crore having call dates during FY21 and replacing the same by raising fresh Tier 2 capital bonds of the same amount”.