Affordable Lender

Rajnish Kumar, Chairman, State Bank of India (SBI), is a proud leader as the bank has approved a plan to raise Rs 20,000 crore for financing affordable housing and infrastructure projects through long-term bonds. According to a BSE filing, the executive committee of SBI approved the proposal for issuance of long-term bonds of Rs 20,000 crore for financing of infrastructure and affordable housing in domestic and overseas market in FY2017-18 and FY2018-19. The public sector bank has also announced plans to raise $2 billion by issuing bonds in the US$ or other convertible currency to fund overseas expansion. The fund raising would reportedly take place through a public offer or private placement of senior unsecured notes in US$ or any other convertible currency during 2017-18 and 2018-19. Kumar's plan for financing affordable housing and infrastructure projects is more than a welcome move.