SBI plans loan policy for coal mining projects before auctions

State Bank of India (SBI) is planning to introduce a loan policy to lend to coal miners before coal mine auctions commence.

As per the planned policy, SBI is open to providing some of the financing required to put 41 coal mines with a combined annual production capacity of 225 million tonnes into private hands. Reportedly, SBI will determine a cap on how much exposure it will have to the sector. State-run MSTC Ltd. will hold the final online auctions from October 19 to Novemebr 9, allowing private companies to mine and sell coal for the first time in nearly five decades.

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