The State Bank of India (SBI) has signed up to a billion dollar loan agreement with the Japanese Bank of International Cooperation (JBB). The purpose of the loan is to promote the smooth flow of funds for the entire range of business operations of Japanese automobile manufacturers in India. The public sector lender signed a similar agreement with JBIC in October 2020.
“The Kovid-19 crisis has affected global trade, production lines and affected global demand. At a time when people are preferring a private mode of transport, this collaboration between SBI and JBIC will help the bank provide credit facilities to suppliers, dealers and ultimately users across the entire supply chain of the Japanese automobile industry, "SBI's Chairman Dinesh Khara said.