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  • DAILY CURRENT AFFAIRS:SBI raises $500 million loan through its IFSC Gift City Branch

SBI raises $500 million loan through its IFSC Gift City Branch

Tags: Economy/Finance

India’s largest bank State Bank of India (SBI) has raised $500 million (over ₹3,800 crore)  loan through its IFSC Gift City branch.This is the first offshore USD Secured Overnight Financing Rate (SOFR) linked syndicated loan raised by SBI through its Gift City branch.

Concept Clearing 

Syndicated  Loan

Loans provided by a group of banks or non-banking financial companies   to a single borrower are called syndicated loans . This happens when the loan amount required by the borrower is too big for a single borrower to provide.

 Secured Overnight Financing Rate

The Secured Overnight Financing Rate (SOFR) is a benchmark rate which is used by banks and financial institutions to  determine the interest rates on the loans they provide to the consumers and companies . It is used in the United States,

Here overnight means the rate at which large financial institutions borrow  for overnight or  24 hours  .

Offshore borrowing 

Offshore means outside the country . So any loan raised outside India will be called offshore loans .

IFSC (Indian Financial Service Center )

India’s only IFSC is situated in the Gujarat International Financial Tec(GIFT) City in the GIFT Special Economic Zone(SEZ) in Gandhinagar, Gujarat.

SEZ is considered to be  legally a  foreign territory for trade purposes in India .  So the branch of SBI in IFSC  will be treated by the Reserve Bank of India as a foreign or offshore branch of SBI. 

Hence any borrowing done by the SBI branch in the IFSC will be treated as an offshore borrowing.

Because it was an offshore borrowing ,hence it was denominated in US Dollars and benchmarked to the Secured Overnight Financing Rate.

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