Finance Ministry gets SBI's formal proposal for raising capital

The Finance Ministry has received a formal proposal from State Bank of India for its capital raising plans during 2010-11, a senior official has said. Mr. R.Gopalan, Secretary(Financial Services) told that they had formally received a proposal. The actual instrument has not yet been decided. There will be discussions between the Finance Ministry and SBI. After that only the capital raising route will be finalised. The SBI Chairman,Mr. O.P. Bhatt had earlier said that the Bank was looking to raise capital to the tune of about Rs 20,000 crore through a right issues before the end of the current fiscal.(BL 20092010)