Earlier the largest public sector bank had proposed to raise Rs. 50 billion for affordable housing but now SBI plans to mop up a total of Rs. 200 billion through long-term bonds for the purpose.
In a filing to the exchange, the bank said, "A proposal will be submitted to Executive Committee of Central Board (ECCB)... for approval for issuance of long-term bonds of Rs 20,000 crore for financing of infrastructure and affordable housing in domestic and overseas market instead of Rs 5 billion intimated earlier".
It added, the executive committee of the central board is scheduled to have a meeting on January 17. Further no clarity was made as to whether the borrowing will be made in dollar or rupee currency.
SBI earlier in this week announced to raise as much as $2 billion for funding its overseas expansion plan by issuing bonds in US dollar or other convertible currency over two financial years.
The board of SBI had earlier approved raising of Rs. 80 billion for complying with Basel III capital norms via several instruments including masala bonds.
With Inputs From PTI