State Bank of India plans to borrow up to $1.25 billion, in what would be the largest dollar-denominated loan from the country’s financial sector this year, according to people familiar with the matter.

State Bank of India plans to secure a $1.25 billion five-year dollar loan, the largest such facility from India’s financial sector in 2023. Arranged by CTBC Bank, HSBC, and Taipei Fubon Bank, the loan aims to support general corporate purposes amid rising interest in foreign borrowing by Indian banks and NBFCs.

The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period November 15- December 15, 2024. SBI has revised lending rates on these three tenures.

State Bank of India is seeking a $1.25 billion loan, potentially the largest from an Indian financial institution this year. The five-year loan, coordinated by international banks, will be used for general corporate purposes.