SBI signs $1-b loan deal with JBIC

SBI has recently entered into a loan agreement amounting to up to $1 billion with Japan Bank for International Cooperation. The loan is intended to promote smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India.

Dinesh Khara, Chairman, SBI, remarked, “The COVID-19 crisis has delivered a significant shock to global trade, disrupted production lines, and depressed global demand. At a time when people are preferring personal mode of transport, this collaboration between SBI and JBIC will help the bank in extending loan facility to entire supply chain of Japanese automobile industry, including suppliers, dealers and ultimately to the end users.”