SBI Sanctions Rs2,317 crore for Financing Solar Power Projects

State Bank of India announced sanction of credit facilities amounting to Rs2,317 crore to corporates for financing Grid Connected Rooftop Solar projects under an SBI-World Bank program.

This funding will create solar power capacity aggregating 575 MW. The renewable energy space can avail loans for establishing grid connected rooftop solar projects at the bank’s marginal cost of funds based lending rate plus 15 basis points. The bank currently has a renewable energy loans portfolio of Rs12,000 crore with nearly nil non-performing assets (NPAs).

Important Takeaways from Above News for RRB PO Mains Exam-
  • Rajnish Kumar is the Present Chairman of Mumbai-Headquartered SBI.
Source- The Hindu Business Line