SBI fundraising: India's largest PSB approves raising long-term funds up to $3 billion in FY26; Check details
SBI fundraising: State Bank of India (SBI) announced on Tuesday, May 20, that its board has approved raising up to $3 billion in long-term funds in fiscal 2025-26 (FY26). India's largest public sector bank (PSB) said that it will raise funds in single or multiple tranches through a public offer or private placement of unsecured notes.
'….We submit that the Executive Committee of the Central Board in its meeting held on May 20, 2025, has approved, inter alia, to examine the status and decide on long term fund raising in single /multiple tranches of up to $3 billion under Reg-S/144A, through a public offer and/or private placement of senior unsecured notes in US dollar or any other major foreign currency during FY 2025-26,' said SBI in a regulatory filing to the stock exchanges today.
SBI announced its January March quarter results for fiscal 2024-25 (Q4FY25) on May 3, reporting a drop of 10 per cent in standalone net profit to ₹ 18,642.59 crore, compared to ₹ 20,698.35 crore in the corresponding period last year. The public sector bank (PSB)'s net interest income (NII) stood at ₹ 42,774 crore.
The state-run lender's operating profit for FY25 crossed ₹ 1 lakh crore and grew by 17.89 per cent year-on-year (YoY) to ₹ 1,10,579 crore, while operating profit for Q4FY25 grew by 8.83 per cent YoY to ₹ 31,286 crore. The PSB declared a dividend of ₹ 15.90 per share (1,590 per cent) for FY25. The record date of the dividend was fixed on May 16, and the payment date is May 30, 2025.
SBI also declared fundraising of upto ₹ 25,000 crore in FY26 via qualified institution placement (QIP) or follow on public offer (FPO). SBI's asset quality improved, with gross non-performing assets (NPAs) declining to 1.82 per cent of the total advances in the fourth quarter from 2.24 per cent as at March-end 2024. Similarly, net NPAs eased to 0.47 per cent as against 0.57 per cent.
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Time of India
3 hours ago
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The Print
7 hours ago
- The Print
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Their company had grown cotton in Lyallpur, built railway lines that cut through Sindh and Mirpur, operated fleets out of Manchester, and served as bankers to the imperial government of Bombay, which later became the State Bank of India. Fantasies were not among their many lines of business. Like so many impossible ideas, that dream was realised last week when the first train linking Katra with Srinagar traversed the Chenab Bridge, hanging 359 metres over raging waters below—the result of seventeen years of work led by the Indian Institute of Science engineering professor G Madhavi Latha—and then headed through the brand-new Banihal Tunnel. Geography, the engineers of the age of industry at Forbes, Forbes and Campbell had, however, taught Kashmir's rulers, is not a fait-accompli. Train lines, roads, tunnels and rivers can all be transformed through technology to build new relationships between peoples and economies. From 1921 onward, Maharaja Pratap Singh, Prime Minister Jawaharlal Nehru, his successors HD Deve Gowda, Inder Kumar Gujral, Atal Bihari Vajpayee, and Manmohan Singh all contributed to the transformation of the geographic relationship Kashmir has with the rest of India—culminating in the triumph that Prime Minister Narendra Modi has now presided over. Also read: Not a seat left vacant as J&K's all-new Vande Bharat makes first journey from Katra to Srinagar A turn to roads For most of the nineteenth century, the fastest way from Srinagar to Delhi was a rutted cart road over the Banihal Pass. 'This route is reserved by HH Maharaja of Jammu and Kashmir, and no visitor can travel this way without his express permission,' sourly recorded Pratap Singh's advisor, Major-General Roul, the Marquis of Bourbel. 'When the letter is given, the traveller should arrange for the through transport of his camp and baggage from Jammu to Islamabad [Anantnag] otherwise much trouble and difficulty may be felt, the local coolies frequently putting down their loads on the roadside and running away.' This ought to have been no surprise, of course: The labourers were slaves, forced to labour for the crown for parts of the year. A number of ambitious railway projects were brought to the table in the late nineteenth century, but without success. SR Scott Stratten & Co. proposed, in 1898, to conduct surveys and execute the project. Engineer DA Adams proposed electric engines, but it was thought infeasible because of the elevations he proposed to traverse. In 1902, WJ Weightman suggested building a railway line along the Jhelum River. The First World War, though, put an end to these explorations. For the most part, passengers and goods from the Kashmir Valley used the metalled and well-bridged road running through Pattan and Baramulla and through Kohala to the town of Jhelum in northern Punjab. The route was designed and delivered by Charles Spedding and his company Spedding & Co., who also built a road through the mountains linking Srinagar to the monarchy's furthest outpost in Gilgit. The Baramulla-Jhelum road, American explorer Ellsworth Huntington reported in 1906, was the only one capable of bearing wheeled traffic. 'The roads are terrible,' Huntington complained, 'and as outside traffic is largely shut out by the mountains, beasts of burden are rare, wheeled vehicles are practically confined to the single new thoroughfare down the Jhelum, and traffic is carried on in boats, the loads being usually carried for short distances on men's backs.' Why was this so? Through earlier centuries, historian Parvez Ahmad writes, Kashmir's trade relations focussed on markets in Central Asia, such as Samarkand, Kashgar, Bukhara, Khurasan and Yarkand. The Mughal invasion of 1586 led to the formation of linkages between Kashmiri traders and markets in the plains of Punjab and beyond. The brief period of Afghan rule, from 1753 to 1819, saw this trade collapse. However, the rise of the Dogra monarchy in 1819 led to further evolution in trade with the plains. Led by the Kashmiri Pandit Laxman Joo Tickoo, the first qualified engineer in the state, the Maharaja also decided to develop the Banihal Cart Road as a commercial axis. The project included a tunnel at Banihal, which reduced some of the road's worst vulnerabilities to weather and made it possible for trucks to cross the pass into Jammu and on to Pathankot. There is no evidence in the historical record that the Maharaja had strategic considerations on his mind, but the Dogra state now had a second, fateful highway curling through its territories. The expansion of road and rail projects needed money, and the monarchy didn't have it. The revenues of Rs 27.7 million in 1939 had a substantial amount of Rs 4 million deducted by the Maharaja and his private departments. Another Rs 5 million was spent on what was to prove a woefully underequipped army. Little was left for infrastructure. In 1947, the Maharaja's successor, Hari Singh, fled Srinagar as his army collapsed in the face of an invasion by Pakistani irregulars. Indian troops were able to use this road to support Indian Army special forces who had been airdropped to save the state. A blueprint for freedom From the 1930s, the economist and political activist Prithvi Nath Dhar—later to head Prime Minister Indira Gandhi's secretariat—had begun to think through what Kashmir's accession to India might look like. The one possible rail line, he wrote in a 1951 note, would have been through Banihal, as the Forbes, Forbes, Campbell & Co. report had made clear. 'Thus, if Kashmir develops her railway communications, a much closer integration with India will be possible, and her comparative isolation, brought about by the high mountain ranges of the Himalayas, broken.' The technology and resources of the time, though, meant a project of this kind just wasn't feasible. The Government focussed, instead, on boring a new tunnel to replace Laxman Joo's old one, and work was completed in 1956. The Army also invested in upgrading the cart road to one that met the needs of the giant logistical chain leading up to what was then called the Ceasefire Line. 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Instead of developing its rail network, Pakistan currently lacks a single electrified line, which reduces the efficiency of its system. Large numbers of railway stations in the country's North-West have simply been abandoned. Islamabad also failed to push through a railway line to Kandahar and the north, which would have enabled it to dominate trade in parts of Central Asia. The war India really needs to win is to make Kashmir's people secure, prosperous partners in the project of India. To this end, each journey on the new train will bring us just a little closer. Praveen Swami is contributing editor at ThePrint. His X handle is @praveenswami. Views are personal. (Edited by Theres Sudeep)
Economic Times
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- Economic Times
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