Current Affairs - Banking - Discussion

India's leading Public Sector Undertaking (PSU) bank State Bank of India (SBI) is all set to invest a sum of Rs 80 billion in Nepal's Arun-III hydropower project. The move will aid the Nepal-based firm to produce 900 megawatts (MW) electricity. According to news agency ANI, The SJVN, which has been awarded the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as loan and soon will make the formal agreement.The Director Committee Meeting of the bank is due to make the recommendation. They soon will decide over. As of now, they have decided over the loan extend and the interest rate over it has been finalized. The 1.4 trillion rupees over the project will be expended for the construction of the structures and additional 11 billion rupees for the transmission lines. With the completion of the project, Nepal will get 21.9 percent of the total electricity produced in a year i.e., 197 MW electricity with 86 crore unit for free in a year.