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SBI in international bond market to raise nearly $500 mn in green bonds
Posted on 20th September 2018
The nation's largest lender State Bank of India Wednesday raised the first tranche of USD 650 million through a maiden green bond offering, which is part of its planned USD 3 billion in such funds for onward lending to green projects.

The five-year dollar money is priced at the US treasury plus 165 basis points, while from for an British investor the coupon will be 3 Libor plus 151 bps.

SBI to raise $500 million in maiden green bond sale
Posted on 19th September 2018
The country’s largest lender State Bank is in the international bond market to raise nearly USD 500 million in green bonds, making it the maiden issuance for the lender.The tenor of the bonds is expected to be five years and the notes are to be issued by the bank’s London branch.

With this issue SBI will become compliant with the global standards as prescribed by the Climate Bonds Initiative, a global not-for-profit investor-focused organisation.

SBI to recover dues worth over Rs 3,900 crore by selling 8 NPAs
Posted on 18th September 2018
The country’s largest lender State Bank of India will sell eight non-performing assets to recover dues worth over Rs 3,900 crore and has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs). “In terms of the bank’s revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated,” the bank said in the bid document on its website.

SBI does a U-turn on stressed assets sale, seeks deals with ARCs
Posted on 17th September 2018
Mumbai: State Bank of India has made a complete U-turn on stressed assets undergoing insolvency proceedings. Instead of initiating bankruptcy proceedings against the defaulting companies, the state-owned lender is now looking to sell them to asset reconstruction companies (ARCs), two senior bank officials said, requesting anonymity.

SBI did not heed warning to approach SC to restrain Vijay Mallya's overseas travel: Report
Posted on 14th September 2018
Four days before Vijay Mallya left India, State Bank of India did not act on legal advice it had received to approach the Supreme Court seeking an order restraining Mallya’s overseas travel. However, SBI denied this claim and said that there 'was no laxity' on its part, the Indian Express reported Friday.

IL&FS board decides to seek a loan of Rs 30 billion from LIC and SBI
Posted on 8th September 2018
In an emergency meeting on Friday, the board of Infrastructure Leasing & Financial Services (IL&FS) decided to seek a loan of Rs 30 billion from two shareholders — Life Insurance Corporation of India (LIC) and State Bank of India (SBI).

The board decided to meet on September 15 to ensure that IL&FS and other group companies do not default on any further repayment obligation.

Insolvency proceedings: SBI plans to send Jindal India Thermal to NCLT
Posted on 7th September 2018
State Bank of India (SBI) has taken 1,200-Mw Jindal India Thermal Power project in Odisha to the National Company Law Tribunal (NCLT) for insolvency proceedings as stake sale failed.

The 180-day deadline to find a resolution also ended last week. The operational project, which landed in soup because of cancellation of coal block, has been operating at below optimum level.

SBI loan scam: In 6 months 15 'borrowers' die, 1 missing in Tamil Nadu
Posted on 4th September 2018
As many as 15 people, who were borrowers in the Rs 600 million SBI loan scam in Virudhanagar and Theni districts of Tamil Nadu, have died under suspicious circumstances in the last six months, The Times of India reports. Another borrower has gone missing.

According to the ToI report, police has confirmed that all those found dead were from Virudhnagar and nearby villages and had loans in their name, however, there has not been a probe into these deaths.

Lending to power sector projects will have to stop: State Bank of Indiab
Posted on 1st September 2018
The nation's largest lender State Bank on Friday said banks will have to "abort" lending to infrastructure projects, especially to the power sector, because of the harrowing experience of the past decade as most such loans have turned sour.

The power sector loans are facing a slew of problems due to a changes in non-performing assets recognition after the February 12 RBI circular, which was upheld by the Allahabad High Court last week.

40% haircut: SBI offloads Bombay Rayon debt
Posted on 31st August 2018
State Bank of India (SBI) has completed the sale of its Rs 2,261-crore exposure to Bombay Rayon Fashions (BRFL) to JM Financial Asset Reconstruction Company (ARC) for Rs 900 crore, according to persons familiar with the development.

The lender has taken a 40% haircut on the transaction but is hoping for an upside from its 29% equity stake in the company. SBI has received Rs 840 crore in cash while the remaining Rs 60 crore is in the form of security receipts redeemable over three years.

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