State Bank of India (SBI) plans to raise about Rs 500 crore from retail investors as Tier II capital. This capital will be a part of the Rs 5,000 crore, which the bank plans to raise in January.
According to the SBI Chairman, O P Bhatt, the bank is now giving this opportunity to the common man as earlier it was raising Tier II capital only through big investors.
He said, “The minimum investment required will be anywhere between Rs 10,000 and Rs 1 lakh. We are planning to do this in the current quarter.”