SBI sanctions Rs 2,500 cr to fund RINL expansion
VISHAKHAPATNAM: State Bank of India (SBI) on Monday said it has sanctioned Rs 2,500 crore to Rashtriya Ispat Nigam Ltd (RINL) to fund its expansion programme.
SBI Chairman Pratip Chaudhuri said bank authorities will tomorrow meet the management of RINL, the corporate entity of Visakhapatnam Steel Plant, to complete formalities to hand over the loan amount.
He was talking to reporters after opening a specialised currency administration branch of SBI here.
Regarding recovery of the Kingfisher AirlinesBSE -4.96 % loans, he said banks had extended loans of over Rs 6,000 crore to the grounded carrier, of which SBI's share was Rs 1,600 crore.
SBI will take legal measures to recover the amount from Kingfisher, Chaudhuri said.
He said the state-owned bank had total staff strength of 2.50 lakh and it recruited 20,000 this fiscal year, out of which 14,000 have already joined work.
Stating that SBI has a comprehensive Corporate Social Responsibility policy, Chaudhuri said the bank scaled new heights in CSR by winning the prestigious Golden Peacock award last year.
He said the bank has decided to spend 1 per cent of its profit on CSR. It has already spent Rs 114 crore, out of Rs 118 crore earmarked for CSR, this financil year.
Earlier, SBI donated three ambulances to the Indian Red Cross Society, Srikakulam unit as part of its CSR activities.