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    SBI to push Rs.5,000 cr in low cost housing

    SBI to push Rs.5,000 cr in low cost housing
    In order to inject a major push to the affordable housing, State Bank of India (SBI) has decided to generate Rs.5,000 crore through long term bonds to fund the mega housing project. The proposed program aims at funding infrastructure and affordable housing, said official sources, claiming that the bank will seek approval of the board for issuance of long term bonds of the earmarked amount for financing of infrastructure and affordable housing. The executive committee of the central board is scheduled to have a meeting and that the bank recently announced plans to raise up to $2 billion amounting to Rs.12,600 crore by issuing bonds in dollar or other convertible currency over two fiscals to fund overseas expansion. It said the fund-raising will take place through a public offer and private placement in US dollar or any other convertible currency during 2017-18 and 2018-19. Only recently, the bank's board had approved raising Rs.8,000 crore through various sources, including masala bonds, to meet Basel III capital norms.
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