SBI has been named in a ‘Hall of Shame’ list of 158 banking and financial institutions globally that have lent billions of dollars in companies making cluster bombs.
SBI has been named in a ‘Hall of Shame’ list of 158 banking and financial institutions globally that have lent billions of dollars in companies making cluster bombs.
State Bank of India (SBI) is the only Indian entity on the list, which includes global giants like JP Morgan, Barcl-ays, Bank of America and Credit Suisse, a report by Dutch campaign group PAX said.
SBI has been included in the list as it lent $87 million to Orbital ATK, a US-based maker of small and medium-class space and rocket systems for commercial, military and other government customers.
While SBI said it “always works in accordance with local laws and regulations” and there is “no prohibition, whatsoever either in US or in India to finance such commercial projects”, PAX said “inve-stments have been made in these cluster bomb producers despite an int-ernational ban.”
