The State Bank of India (SBI) has defended financing a US cluster bomb manufacturer, saying its investments were legal, after being put in a “Hall of Shame” along with several other major banks by a Dutch campaign group.
A report by PAX last week listed the government-owned bank as one of 158 lenders — including JP Morgan Chase, Barclays, Bank of America and Credit Suisse — that violated an international ban for investing in cluster bomb firms.
India’s top lender by assets was the only the Indian company on the list. The SBI said it provided credit to US firm Orbital ATK …read more
Source: Daily News & Analysis
