The central board of State Bank of India (SBI), on Friday, approved raising of funds aggregating ₹50,000 crore via issuance of debt instruments, including capital instruments, in FY24.

The board’s approval is for raising funds in Indian rupee and/or any other convertible currency by issue of debt instruments, including but not limited to Long Term Bonds, Basel III-compliant Additional Tier 1 Bonds, Basel III-compliant Tier 2 Bonds, said India’s largest bank in a regulatory filing.

Also read: Fund raise. SBI to raise up to $2 billion in FY24 from overseas markets

The resources will be raised through private placement mode to Indian and/or overseas investors during FY24, subject to the government’s approval wherever required, it added.

Also read: Quarterly result. SBI’s Q4 net profit zooms 83% to a record ₹16,695 crore

SBI had raised funds aggregating about ₹38,850 crore through issuance of infrastructure bonds, Tier-2 bonds and AT-1 bonds in FY23.

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