(7 September 2012 – India) The State Bank of India (SBI) has signed a memorandum of understanding (MoU) with the Japan Bank for International Cooperation (JBIC), allowing it to support funding needs of Japanese companies in India.The MoU agreement is to help develop and strengthen a framework for supporting the business operations of Japanese small and medium enterprises and mid-tier enterprises who are clients of Japanese Regional Banks (JRBs). JRBs have no branches in India.
The MoU will see increased business for SBI’s domestic branches and more funds to the Tokyo and Osaka branches.
JBIC, which is wholly owned by the Japanese government, promotes Japanese exports and imports and provides resources to foreign investments by fostering international commerce. Its main mission is to promote economic cooperation between Japan and foreign countries.