State Bank of India raises $1 billion from JBIC, other Japanese lenders

JBIC is a policy-based financial institution, wholly-owned by the Japanese government.

The country’s largest lender, State Bank of India, inked a pact to raise a $1-billion loan from Japan Bank for International Cooperation (JBIC) and other Japanese lenders like SMBC, MUFG Bank, and Mizuho Bank on Wednesday.
 
The loan will be used to provide funds to manufacturers, suppliers and dealers of Japanese automobiles in India.
 
These are untied loans, meaning SBI has freedom to use this money to lend. They also do not come with any conditions attached for lending to specific projects or programmes.
 
C Venkat Nageswar, deputy managing director (International Banking Group), SBI, said the bank