SBI inks USD 1 billion loan agreement with Japan Bank for International Cooperation

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India’s largest lender, State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC) to extend loans to supply chain of Japanese automobile industry in India.
The loan is in the form of refinance against the funding support provided to the manufacturers, suppliers and dealers of Japanese automobiles in India.
This collaboration between SBI and JBIC will help the bank in extending loan facility to entire supply chain at a time when people are preferring personal mode of transport.
Now the total loan facility between SBI and JBIC has become $2 billion. Earlier in October 2020, SBI inked similar agreement for $1 billion with JBIC.