SBI says seeks between $1.1b-$3.3b capital infusion

State Bank of India (SBI), the country's top lender, has sought a capital infusion of between Rs 50 billion and Rs 150 billion (USD 1.1 billion-USD 3.3 billion) from the government, its chairman said.

The state-run lender needs funds to meet its future credit growth requirement.

"We have not zeroed in the number. The number that we have put on the table is between Rs 50 billion and Rs 150 billion from the government...and simultaneously through internal accruals," Pratip Chaudhuri told reporters on Thursday.

"It may come in (tranches) ... It may come in one go. It will depend upon what government wants."

He said the bank will need Rs 200 billion-230 billion capital.

"It will be required for capital. Part of it will come from internal accruals. Those details are being worked on," he said.

State Bank of India also needs to pass on last month's 50 basis points hike in interest rates by the central bank to its depositors and borrowers, he added.

India's central bank stunned investors by raising interest rates by 50 basis points, showing unexpected resolve in fighting persistently high inflation despite slowing growth in Asia's third-largest economy and uncertain global demand.