State Bank of India seen to release overseas bonds

Yet the lender denied issuing a proposal to raise $5bn via offshore loans by December.

State Bank of India may raise funds through overseas bonds depending on its requirement in the current fiscal year through March, junior Finance Minister Namo Narain Meena said Friday.

"...the bank may look to raise foreign currency funds through issue of bonds, sometime during third or fourth quarter of this financial year," Meena told the lower house of parliament in reply to a question.

Meena, however, denied that there was a proposal from the country's largest lender by assets to raise $5 billion through offshore loans by December, according to a report in Fox Business.