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SBI gets board nod to raise 8000 crore
Context
The country’s largest lender SBI on Wednesday said its board had approved raising ₹8,000 crore through various sources, including masala bonds, to meet Basel III capital norms
Masala bonds
Masala bonds are rupee- denominated specialised debt instruments that can be floated in overseas markets only to raise capital.
Time duration
State Bank of India (SBI) said it had time till March 2018 to raise the funds.
Basel III norms
Banks in India have to comply with the global capital norms under Basel III by March 2019, three months later than the internationally-agreed time frame, by January 2019
- Basel III is an internationally agreed set of measures developed by the Basel Committee on Banking Supervision in response to the financial crisis of 2007-09. The measures aim to strengthen the regulation, supervision and risk management of banks
- Like all Basel Committee standards, Basel III standards are minimum requirements which apply to internationally active banks. Members are committed to implementing and applying standards in their jurisdictions within the time frame established by the Committee.
