State Bank of India announced that its board had approved to raise INR 20000 crore through long-term bonds for affordable housing and infrastructure projects as reported by PTI.
The bank did not mention whether the borrowing will be in rupee denomination or foreign currency.
SBI had recently announced plans to raise up to USD 2 billion by the issue of bonds in US dollar or through other convertible currency to fund its overseas expansion.
It said that it would raise funds through a public offer or private placement of senior unsecured notes in US dollar or any other convertible currency during 2017-2017 and 2018-2019.
The affordable housing segment is showing a good response after the government provided infrastructure to it in the last year's budget.