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SBI Inked $1 bn. Loan Agreement with JBIC

Published on April 01, 2021
Current Context: The State Bank of India, has raised $1 billion from Japan Bank for International Cooperation (JBIC).
SBI Inked $1 bn. Loan Agreement with JBIC
  • The loan agreement was signed to extend loans to the supply chain of the Japanese automobile industry in India.
  • The loan amount is in the form of refinancing against the funding support which will be provided to the manufacturers, suppliers and dealers of Japanese automobiles in India.
  • The loan amount will ensure a smooth flow of funds particularly for the business operations of Japanese automobile industries in India.
  • In Oct 2020, SBI had signed a similar loan agreement of $1 billion with JBIC. Now, the total loan facility becomes $2 billion between both entities.
  • Static Part: 
    • HQ of SBI: Mumbai
    • Chairman of SBI: Dinesh Kumar Khara
    • JBIC is wholly owned by the Japanese government and is a policy-based financial institution.

Question: 

Q.1 In March 2021, which bank signed a $1 billion loan agreement with Japan Bank for International Cooperation (JBIC)?
a. State Bank of India
b. HDFC Bank
c. ICICI Bank
d. IDBI Bank
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