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State Bank of India to raise 80B rupees via debt issue

State Bank of India aims to raise up to 80 billion rupees of Additional Tier 1 capital through March 31, 2018.

The bank said Dec. 27 that its board approved to raise the capital by issuing Basel III-compliant debt instruments, including masala bonds, or Indian rupee-denominated bonds issued outside India.

As of Dec. 27, US$1 was equivalent to 64.16 Indian rupees.