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SBI signs loan agreement with JBIC and Other Finance Lenders

Published on October 29, 2020
Current Context: The State Bank of India (SBI) has signed a loan agreement with the Japan Bank for International Cooperation (JBIC) and other finance lenders.
SBI signs loan agreement with JBIC and Other Finance Lenders
  • The loan agreement of up to $1 billion is signed.
  • The loan agreement is signed to promote the smooth flow of funds for various range of operations of Japan’s automobile manufacturers in India. The loan amount will facilitate the operation of Japan’s automobile sector companies in India.
  • This loan agreement will also prove beneficial to achieve the motto of ‘Make in India’ initiative. 
  • $600 million will be financed by JBIC and $400 million will be financed by other finance participating lenders which include Sumitomo Mitsui Banking Corporation, MUFG Bank, Shizuoka Bank, Bank of Yokahama and Mizuho Bank. 
  • Static Part: 
    • HQ of SBI: Mumbai
    • Chairman of SBI: Dinesh Kumar Khara
    • HQ of JBIC: Tokyo, Japan
    • President and CEO of JBIC: Tadashi Maeda
    • Capital of Japan: Tokyo
    • Currency of Japan: Japanese Yen

Question: 

Q.1 Who among the following signed loan agreement of up to $1 billion with the Japan Bank for International Cooperation (JBIC) and other finance lenders to facilitate operation of Japan’s automobile sector companies in India?
a. State Bank of India
b. IDFC First Bank
c. ICICI Bank
d. HDFC Bank
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