29th oct 2020

10/29/2020

State Bank of India (SBI) has signed a loan agreement of up to $1 billion with The Japan Bank for International Cooperation (JBIC). The loan will facilitate the operations of Japanese car companies in India. The financing will assist in Government of India’s ‘Make in India’ initiative. While $600 million will be financed by JBIC, the rest will come from other participating lenders which include the Sumitomo Mitsui Banking Corporation, MUFG Bank, Mizuho Bank, Shizuoka Bank and Bank of Yokohama. JBIC will provide a guarantee for the portion co-financed by the participating banks. The loan is intended to promote the smooth flow of funds for the whole range of business operations of Japanese automobile manufacturers in India. Important takeaways for all competitive exams: Chairman of State Bank of India: Dinesh Kumar Khara. SBI Founded: 1 July 1955 SBI Headquarters: Mumbai, Maharashtra. Japan Bank for International Cooperation Headquarters: Tokyo, Japan. President & CEO of Japan Bank for International Cooperation: Tadashi Maeda. Japan Bank for International Cooperation Founded: 1 October 1999.

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