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This will be in addition to the Rs 9,000 crore the bank plans to raise through a qualified institutional placement (QIP). The QIP is also expected to be issued by March. Following the QIP, the government’s stake in the bank is expected to fall to 58 per cent from the current 62 per cent.
Besides, the government is expected to inject Rs 2,000 crore of capital into the bank during 2013-14. SBI closed the July-September quarter with a capital adequacy ratio (CAR) of 11.69 per cent, according to the Basel-III norms. Its Tier-I CAR was 8.73 per cent at the end of the three-month period.
The fund-raising programmes will help the bank strengthen its capital base and meet the new regulatory norms on capital adequacy. The money will also aid it in financing growth. SBI aims to expand its assets by 16-18 per cent in this financial year.
Separately, Bhattacharya said SBI had mobilised foreign currency non-resident (bank) or FCNR (B) deposits worth $500 million through the Reserve Bank of India (RBI’s) special swap window.
On September 4, RBI had announced a swap window to attract FCNR (B) dollar funds. "RBI has been receiving requests from banks to consider a special concessional window for swapping FCNR (B) deposits that would be mobilised according to the recent relaxations permitted by RBI. Accordingly, it has been decided to offer such a window to banks to swap fresh FCNR (B) dollar funds, mobilised for a tenure of at least three years, at a fixed rate of 3.5 per cent a year for the tenure of the deposit," it had said.
The scheme was introduced to bring in dollars to stem the rupee’s depreciation. It will be operational till November 30.
"We started late but we are tapping that window. We have brought in about half a billion dollars and that (figure) should go up by the end of the month," Bhattacharya said. "It can get extended by 15 days or so, depending on RBI's understanding of whether they have enough of foreign exchange reserves. According to RBI data, non-resident deposits had increased to $77.99 billion by September-end. Non-resident Indians deposited as much as $10.1 bn during the month.
