SBI aims for 20% business from overseas operations

The country’s biggest lender, State Bank of India (SBI), is aiming for 20% of its net income from overseas operations in the next 2-3 years, a senior official of the bank said.

SK Bhattacharyya, MD said, “We expect 20 percent of our net income will come from international operations”.

As of now, overseas operations account for 12% of the bank’s net income.

There are 70 SBI branches spread throughout the world.

Bhattacharyya said SBI can increase its home loan scheme at 8% interest rate, which is due to expire on September 30, due to the “excellent” demand.

He asked, “Why shouldn’t we continue…this is a good scheme,” and also said that an ultimate decision would be taken at a meeting later in this month.