The State Bank of India (SBI) has raised $500 million through a three-year syndicated loan at affordable pricing. This is the first offshore Secured Overnight Financing Rate-linked loan by SBI through its IFSC Gift City branch. SBI said that its substantial presence in international markets helped it to get very fair pricing amid the ongoing turbulence in financial markets due to geopolitical tensions and rate hike predictions by the US Federal Reserve and other central banks across the globe.

The managing director of SBI, Ashwini Kumar Tewari, said, “The successful launch of the syndicated loan at such a fine pricing displays the reputation SBI has created for itself in offshore financial markets.” In a statement, the bank said that this was another step toward IFSC Gift City being an international financial centre and that SBI’s Gift City branch had become the largest in the IFSC. SBI’s advances in foreign offices rose by 21.35 per cent on a year-on-year (YoY) basis to Rs 4.0 trillion at the end of December 2021, while deposits increased by 16.54 per cent YoY Rs 1.29 trillion.