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SBI-KfW agreement for energy-efficient housing scheme

Under the SBI-KfW programme, builders and homebuyers will be financed for energy-efficient housing projects that achieve 25% energy savings

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State Bank of India (SBI) on Monday signed a loan agreement with German development bank KfW for $ 277 million (approximately Rs 1,958 crore) for establishing an energy-efficient housing programme in India. This facility has been signed based on an agreement on financial cooperation between the Union government and the government of the Federal Republic of Germany signed in October 2019.

The programme is intended to be a part of the Indo-German Development Co-operation, guided by the 2030 Agenda for Sustainable Development.

Under the programme, both builders and homebuyers shall be financed for developing and/or purchasing energy-efficient residential projects that achieve at least 25% energy savings in comparison to standard reference buildings. Thus, this programme is meant to contribute to India’s policy framework towards energy conservation in the residential building sector and a reduction in greenhouse gas emissions.

In addition to the $ 277 million loan facility, KfW shall extend a grant of € 1.5 million to SBI as a technical assistance package. The technical assistance funds shall be used for supporting SBI in the preparation, implementation and monitoring of the programme.

Further, an investment grant of € 10 million has been provided for incentivising builders to develop housing projects that achieve significantly higher levels of energy savings vis-à-vis standard reference buildings (that is at least 40% savings).

The arrangement of the loan and the grant facilities was facilitated by SBI’s investment banking subsidiary, SBI Capital Markets Limited.

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 on 30 September, the bank had a deposit base of over Rs 30 lakh crore with CASA ratio of little more than 45% and advances of nearly Rs 22.5 lakh crore.

SBI commands 25% market share each in home loans and auto loans. The bank has the largest network of nearly 22,000 branches in India with an ATM/CDM network of over 58,500.

The number of customers using internet banking facility is 66 million and mobile banking services stand more than 15 million. Downloads for YONO, an integrated digital and lifestyle platform by SBI, are over 28 million, with more than 4 million logins per day.

On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The bank tops the list of followers on Facebook and YouTube across all banks worldwide.

The KfW, formerly KfW Bankengruppe (banking group), is a German state-owned development bank, based in Frankfurt. Its name originally comes from Kreditanstalt für Wiederaufbau (Credit Institute for Reconstruction). It was formed in 1948 after World War II as part of the Marshall Plan. As of 2018, it is Germany’s third-largest bank in terms of balance sheets.

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Since the facts and figures related to the novel coronavirus disease 2019 (nCOVID-19, COVID-19 or COVID) are changing by the minute, Sirf News has begun this blog to keep the readers updated with information coming from authentic sources

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