SBI, the country’s largest public sector bank, has outstanding foreign currency loans of $2.3 billion from multilateral agencies like the World Bank, Asian Development Bank and Germany’s KfW.
If you are a customer of State Bank of India (SBI), then this news is useful for you. Actually, SBI is planning to make a major change in the home loans given under green funding. Under this, there is a plan to make rooftop solar mandatory in the housing projects and it will also be brought under the ambit of home loan. If you understand in simple language, it will be mandatory to install solar units on the roof of the houses built by builders in such projects.
At the same time, if customers take home loan under green funding, then the cost of solar plate will also be included in its scope. Let us tell you that SBI approved home loan of Rs 6.3 lakh crore in June. The bank owes $2.3 billion in foreign currency loans to multilateral agencies such as the World Bank, the Asian Development Bank and Germany’s KfW.
What officials say: SBI official Ashwini Kumar Tiwari said- We are planning to make it mandatory for builders to install rooftop solar on the roof. He said that in future we want to include it in a bundled deal for home loan applicants and are also working on this plan. These loans are for tenure of 10 or 20 years.
What is the plan of Green Funding: According to the website of SBI, the aim of Green Fund is to promote activities which directly emphasize on clean climate. For example, tree plantation, construction of bio-toilets, solar lights/lamps/panels etc. Let us tell you that ‘Solar Rooftop’ funding was started by the World Bank in 2016. Under this, funds are provided to big banks of different countries of the world. Its objective is to connect customers with the clean climate campaign by giving them loans.
