The State Bank of India (SBI) has signed a loan agreement of up to $ 1 billion for International Cooperation (JBB) with the Japanese bank. The purpose of the loan is to promote 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 private modes of transportation, this collaboration between SBI and JBIC will help the bank provide credit facilities for the entire supply chain of the Japanese automobile industry, including suppliers, dealers and ultimately end users. SBI Chairman Dinesh Khara said.
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