SBM Bank India raises Rs. 125 crore via bonds

SBM Bank India, a wholly-owned subsidiary of State Bank of Mauritius, announced that it has raised Rs 125 crore through sales of bonds.

The bank raised money by issuing Basel-III compliant Tier-II bonds having maturity period of 10 years, it said in a statement.

Additionally, it also raised Rs 300 crore through an automatic refinance facility of the National Bank for Agriculture and Rural Development (NABARD), it said.

The fresh funds will be deployed for expansion plans, the statement said.

SBM Bank India is leveraging on its position as a universal bank to tie up with fintech firms for extending services, which helps it with fees income and data mining, it said.