SBM Bank India raises USD16.5million via bonds

SBM Bank India, a wholly-owned subsidiary of State Bank of Mauritius, has announced that it has raised USD16.5million through sales of bonds. 

The bank raised money by issuing Basel-III compliant Tier-II bonds having maturity period of 10 years, it said in a statement. 

Additionally, it also raised USD40million through an automatic refinance facility of the National Bank for Agriculture and Rural Development (NABARD), it said.

SBM Bank India is leveraging on its position as a universal bank to tie up with fintech firms for extending services, which helps it with fees income and data mining, it said. 

Original article at The Economic Times