State Bank of India (SBI) has signed a loan agreement of up to $1 billion with The Japan Bank for International Cooperation (JBIC). The loan will facilitate the operations of Japanese car companies in India. The financing will assist in Government of India’s ‘Make in India’ initiative.
While $600 million will be financed by JBIC, the rest will come from other participating lenders which include the Sumitomo Mitsui Banking Corporation, MUFG Bank, , Mizuho Bank, Shizuoka Bank and Bank of Yokohama. JBIC will provide a guarantee for the portion co-financed by the participating banks. The loan is intended to promote the smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.
About SBI:
The bank has the largest network of over 22,100 branches in India with an ATM/CDM network of over 58,500 and total BC outlets of more than 62,200. The number of customers using internet banking facilities is about 76 million and mobile banking services stand a little more than 17 million.
About JBIC:
JBIC is a policy-based financial institution, wholly owned by the Japanese government, with the objective of contributing to the sound development of Japan, the international economy and society.
Important takeaways for all competitive exams:
Why is Kirana Hills in News? Kirana Hills in Pakistan are in the news due…
The Fiscal Health Index 2025, released by NITI Aayog, show how well Indian states are…
The Taliban regime in Afghanistan has officially suspended the sport of chess, citing concerns over…
India's top archer, Deepika Kumari, secured a bronze medal at the Archery World Cup Stage…
The 8th United Nations Global Road Safety Week is being observed from 12 to 18…
On May 12, the world observes the International Day of Plant Health (IDPH) to raise…
![](data:image/svg+xml;charset=utf-8,<svg height="169px" width="300px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
