SBI

India’s leading public sector banks, including the State Bank of India, have unveiled plans to raise approximately Rs. 43,700 crore (equivalent to $5.25 billion) through qualified institutional placements (QIPs) during the financial year 2025-26. This substantial capital-raising initiative underscores the banking sector’s proactive efforts to bolster balance sheets, enhance lending capacity, and prepare for future credit growth amid evolving economic conditions.

In response to the State Bank of India’s recent classification of Reliance Communications’ (RCom) loan account as “fraud,” two other Anil Dhirubhai Ambani Group (ADAG) companies—Reliance Infrastructure and Reliance Power—have issued formal statements distancing themselves from the development. The companies emphasized that they are independent, publicly listed entities with no financial or operational ties to RCom, nor to its erstwhile director Anil Ambani.

India’s largest public sector lender, the State Bank of India (SBI), has formally categorized the loan account of Reliance Communications as fraudulent, escalating a long-standing financial saga involving the telecom company once led by Anil Ambani. SBI’s decision follows months of unanswered concerns over financial irregularities and breaches of loan terms. This classification, which aligns with similar action taken by Canara Bank in 2024, has significant regulatory implications.