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The State Bank of India Chairman, Mr Pratip Chaudhuri, today said the Government is “quite committed” to infuse funds through the bank’s proposed Rs 20,000 crore rights issue.
“The Government is quite committed on the rights issue and it is not right for the bank to put a finger on the quantum,” Mr Chaudhuri told reporters on the sidelines of an event here.
The Government had last week indicated that the rights issue will happen this fiscal itself. According to official sources, the infusion will come through as the Government wants to push the tier-I capital to over 8 per cent.
SBI, the country’s largest lender, had a total capital adequacy of 11.6 per cent as on June 30 while the core tier-I component stood at 7.6 per cent.
The bank’s Chief Financial Officer, Mr Diwakar Gupta, had last week said that it can see through this fiscal considering its credit growth targets but will definitely need to augment it in next fiscal.
Mr Chaudhuri today said the bank is looking at a credit growth of 16-19 per cent for the fiscal.
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