SBI says associates don't need fresh capital this year

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The five associate banks of SBI do not require any additional capital infusion this fiscal as the credit growth is tepid, a top official said, reported media.

SBI says associates don't need fresh capital this year
He, however, added that the associate banks collectively need up to Rs 30,000 crore in capital over the next five years as they gear up for the higher capital Basel-III regime, as per the media reports.

"As of now, we are comfortable in terms of capital. No plans of raising funds as of now. There is no credit growth in the market," State Bank of India (SBI) Managing Director and Group Executive for Associates and Subsidiaries V G Kannan told reporters here over the weekend.

He said that the five associates -- State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, State Bank of Hyderabad and State Bank of Bikaner and Jaipur-- collectively need up to Rs 30,000 crore in capital over the next five years as they gear up for the higher capital Basel-III regime.

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