State Bank of India plans to borrow up to $1.25 billion, in what would be the largest dollar-denominated loan from the country’s financial sector this year, according to people familiar with the matter.

The loan is being raised for general corporate purposes through its branch at the Gujarat International Finance Tec-City, the report said.

The State Bank of India (SBI) has announced the latest marginal cost of funds-based lending rates (MCLR) on loans for the period November 15- December 15, 2024. SBI has revised lending rates on these three tenures.

Shares of State Bank of India fell after the country’s largest lender reported a contraction in margins and higher provisions for bad loans. The bank forecast lower-than-expected deposit growth for this fiscal year.

State Bank of India is seeking a $1.25 billion loan, potentially the largest from an Indian financial institution this year. The five-year loan, coordinated by international banks, will be used for general corporate purposes.

State Bank of India is seeking a five-year loan of up to $1.25 billion, marking the largest dollar-denominated loan from India's financial sector this year. The loan, arranged by CTBC Bank, HSBC, and Taipei Fubon Bank,