India: SBI Concludes 15 Year $300 Million Loan to Rural and Micro Lending

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Oct 2015
Mumbai, October, 06 2015 - The country's largest lender State Bank of India (SBI) and the German development bank KfW today concluded a 15 year loan worth $300 million (Rs 1,956 crores) loan facility to support rural and micro-enterprise lending in India.

V G Kannan, managing director signed on behalf of SBI, while KfW was represented by Roland Siller, director general Europe and Asia and Nicolai Tust, Principal Country Manager.

With a twin focus on agricultural and microenterprise loans, the facility is designed to further strengthen and extend SBI's priority sector lending activities. SBI is onlending these funds to underserved sectors. "Broader financial inclusion is a fundamental objective for KfW," said Mr Siller on the occasion. "Joining hands with India's largest bank provides an unprecedented opportunity to translate that objective into reality."

Mr Kannan said that he expects the relationship to further grow in other strategic sectors like clean energy where SBI has already committed to support in line with government's initiatives to reduce the carbon footprint.



 

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