Current Affairs - Banking - Discussion

SBI Card raised Rs. 700 crore from various financial institutions including its parent SBI (State Bank of India) in the 2nd half of FY19 (Financial Year) to grow above the industry average. SBI Cards and Payment Services Pvt. Ltd (SBI Card) raised Rs. 100 crore from ICICI Securities Primary Dealership Ltd, Rs. 250 crore from State Bank of India and Rs. 50 crore each from Canara Bank and Axis Bank by issuing NCDs (Non Convertible Debentures) at 9.15% coupon. SBI Card also raised additional Rs. 250 crore from Axis Bank through a coupon of 9.55%. The Rs. 700 crore fundraise is part of SBI Card's plan to raise Rs. 1,500 crore in a few tranches.