The State Bank of India (SBI) announced on Monday that its board of directors has approved raising additional tier-I capital of up to Rs 14,000 crore through Basel-III bonds.
During the fiscal year 2021-22, the bonds would be raised in Indian or US currency through a public offer or private placement to international and/or Indian investors.
“The Central Board of the bank at its meeting held today on 21.06.2021 inter alia accorded approval for raising capital by way of issuance of Basel lll compliant debt instrument in USD and/ or INR during FY22,” SBI stated in a regulatory filing.
The nation’s biggest lender intends to issue fresh additional tier-I capital of up to Rs 14,000 crore, subject to the approval of the Government of India.
Tier-1 capital is the main capital of a bank. It contains stated reserves and equity capital as seen on a bank’s financial accounts. Tier-I capital is used by lenders on a regular basis, and it is the foundation of a financial institution’s strength.
Banks throughout the world must enhance and strengthen their capital planning procedures in order to comply with Basel-III capital rules. These standards are being adopted to alleviate concerns about possible asset quality pressures and their influence on bank performance and profitability.
On the BSE, shares of State Bank of India finished 1.64 percent higher at Rs 419.55.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.
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