SBI is going to bring 7,000 crore bond, know what is the plan
State Bank Of India (SBI) Ltd. plans to raise up to Rs 7,000 crore, including Rs 5,000 crore in Greenshoe, through Basel-III Additional Tier-I bonds. Market participants have given this information. The bidding for the bonds will take place between 11 am and 12 noon on Wednesday.
Non convertible taxable permanent subordinate unsecured Basel 3 Compliant Additional Tier 1 Bonds in the nature of debentures of face value of Rs 1 crore each. AT1 bonds are a type of perpetual bond with no expiration date that are issued to raise long-term capital.
SBI increased the deposit rate (SBI Latest Interest Rate)
State Bank of India, the largest state-run bank, has increased its deposit rate from 4.40 per cent to 4.55 per cent on deposits between 180 days and 210 days, according to data compiled by CareAge.
SBI has increased the interest rate for all other periods as well. FD interest rates have also been increased by 15 basis points. Bulk deposit rates for tenors up to one year have been increased by 25-50 basis points. At the same time, rates for more than one year have increased by 75-125 basis points.
Why are banks increasing interest on deposit rates?
The increase in deposit rates will help banks meet the credit demand during the festive season. Going forward, banks are expected to raise deposit rates to support this growing credit off-take, said Sanjay Agarwal, Senior Director, Care Edge. Liquidity in the banking system is decreasing. Select banks are already raising rates in certain tenors and categories.
Bank credit growth remains in double digits, easily outpacing deposit growth. Whereas, the liquidity situation in the bank has become pathetic due to credit growth, low base effect, small sized loans, high inflation.
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