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MoU is intended to promote ESG and green finance

With this Mou, LuxSE to create a sustainable environment for issuers, asset managers, and investors in terms of ESG focused funds and bonds

Mumbai, NFAPost: With a continued commitment towards sustainable development, the country’s largest lender, State Bank of India (SBI) has signed a memorandum of understanding (MoU) with the Luxembourg Stock Exchange (LuxSe). The MoU will help SBI and LuxSE to set up a long-term cooperation mechanism and promote ESG (Environmental, Social, and Corporate Governance) and green finance.

Through this MoU, the Luxembourg Stock Exchange would work towards creating a sustainable environment for issuers, asset managers, and investors in terms of ESG focused funds and bonds.

Commenting on the development, SBI Chairman Dinesh Khara said SBI Bank has adopted ‘Sustainability’ as one of its core values.

“A “Sustainability and Business Responsibility Policy” for the Bank has been put in place and SBI was the first Public Sector Bank in India to publish its Sustainability Report as per Global Reporting Initiative (GRI) framework. State Bank of India has raised $800 Mio in the Green Bond Market to date,” said SBI Chairman Dinesh Khara.

SBI Chairman Dinesh Khara said the MoU with the Luxembourg Stock Exchange will open up new avenues for market development and fundraising in the green bond market.”

State Bank of India (SBI) is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. As of September 30, 2020, the bank has a deposit base of over Rs 34 lakh crore with CASA ratio of more than 45% and advances of nearly Rs. 24 lakh crore.

SBI commands a market share of a little over 34% in home loans and about 32% in the auto loans segment. The Bank has the largest network of almost 22,300 branches in India with an ATM / CDM network of close to 58,800 and total BC outlets of more than 66,500.

The number of customers using internet banking facilities is nearly 81 million and mobile banking services stand a little more than 18 million. The integrated digital and lifestyle platform by SBI – YONO has crossed the figure of 66 million downloads. YONO which has 28.5 million registered users, witnesses between 7.5 to 8 million logins per day.

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