ALSO READIndian cabinet approves State Bank's planned merger with subsidiaries SBI Q3 net profit doubles, 1st rise in five quarters Interview: India's top bank SBI eyes up to $1.5 billion capital raising next fiscal year SBI forms team to look into fintech opportunities Top Indian lender SBI sees credit growth accelerating
MUMBAI (Reuters) - State Bank of India (SBI), the country's biggest lender by assets, said on Wednesday its board had approved a plan to raise up to 150 billion rupees ($2.3 billion) from capital markets in the next fiscal year starting from April 1.
Ratings agency Fitch estimates India's banks will need about $90 billion to meet global Basel III rules which are due to be fully implemented by March 2019.
SBI last sold shares in January 2014 to raise $1.2 billion.
On Wednesday, SBI also decided to inject 11.6 billion rupees into two credit card joint ventures companies - SBI Cards & Payments Services Ltd. and GE Capital Business Process Management Services Ltd. - to raise its share in both the companies to 74 percent, it said in a separate statement.
($1 = 65.6300 Indian rupees)
(Reporting by Rajendra Jadhav; Editing by Mark Potter)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)