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SBI never raised fresh money for IMD: Purwar

MUMBAI: State Bank of India Chairman A. K. Purwar on Thursday clarified that the bank did not raise any fresh money for the $7.3 billion India Millennium Deposits (IMD) redemption and said only the money that was maturing was used for the purpose. "`The money retained will carry current interest rates that is LIBOR plus 25-30 basis points as per RBI guidelines,'' he said.

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