State Bank of India to Fund Rs 2500 Crore in RINL Expansion

                                              State Bank of India (SBI) has said it will fund Rs 2500 Crore in the expansion plan of Rashtriya Ispat Nigam Ltd (RINL). On Monday the SBI has informed it has eventually approved the plan, and further proceedings will be done in quick successions. 

                                                 Mr. Pratip Chaudhuri, who is the current Chairman of SBI, said that the authorities of the bank will meet the management team of RINL tomorrow. In that meeting all the formalities will be completed by both the parties, and after that SBI will hand over the said loan amount to the RINL, which is the corporate entity of Visakhapatnam Steel Plant.

                                                SBI has opened a specialized currency administration branch at New Delhi; at the launch of that branch Mr. Chaudhuri was talking to the reporters, where he reveals all this information. He has also answered the questions regarding recovery of the Kingfisher Airlines loans. He said that most of the banks had extended loans of over Rs 6,000 crore to the cash-strapped carrier, of which SBI had a large share of Rs 1,600 crore.

                                               He added that SBI will seek government’s help and take some legal actions too in order to recover the due loan amount from the Kingfisher, the grounded carrier.

                                               He also told that SBI had a huge stuff back up of 2.50 lakh, which is quite commendable in deed. He also informed that the state-owned bank recruited around 20,000 in the current fiscal year, among which 70 percent i.e. 14,000 have already joined to work for State Bank of India.

                                              Mr. Chaudhuri also mentioned about the comprehensive Corporate Social Responsibility policy of SBI. He said that SBI eventually won the prestigious Golden Peacock Award last year as a good result of its CSR policy. In his words the bank had beaten all the expectations and scaled new heights in CSR.

                                              He added that the bank has decided to spend 1 per cent of its total profit on CSR, which is a very noble thing to do for sure. Basically SBI had already spent Rs 114 crore, out of Rs 118 crore, which was earmarked for CSR, in this current financial year.

                                               There a lot of CSR activities of SBI. Few months back the banking organization had donated three ambulances to the Indian Red Cross Society. That’s not all for sure, as Srikakulam unit is also a part of its CSR activities.