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SBI gets board okay to raise Rs 8,000 crore to comply Basel III

SBI gets board okay to raise Rs 8,000 crore to comply Basel III

Finance
NEW DELHI: The country's largest lender SBI today said its board has approved raising Rs 8,000 crore through various sources, including masala bonds, to meet Basel III capital norms. "The Central Board at its meeting held today accorded approval to raise additional tier 1 (AT 1) capital by way of issuance of Basel III compliant debt instruments in USD and/or INR to the tune of Rs 8,000 crore from domestic/international market including masala bonds," the bank said in a regulatory filing. Masala bonds are rupee denominated specialised debt instruments that can be floated in overseas markets only to raise capital. State Bank of India (SBI) said it has time limit till March 2018 to raise the funds. Banks in India have to comply with the global capital norms under Basel III by Marc...