Mumbai: State Bank of India , the country’s largest lender, said that its board has approved raising up to $3 billion via debt in the current financial year. The state-run lender will raise the funds in one or more tranches through a public offer or a private placement of senior unsecured notes, which will be denominated in US dollars or another major foreign currency, it said.
The lender did not mention what the proceeds will be used for. This comes as Indian banks are shoring up their capital base to meet the rising demand for loans. Several state run-lenders, including Canara Bank, Punjab and Sind Bank and Punjab National Bank , plan to raise funds via debt this fiscal year
