SBI on list of banks that fund cluster bomb makers

NEW DELHI: Public sector State Bank of India has gained the dubious distinction of being the only Indian entity named in a ‘Hall of Shame’ list of 158 global banking

NEW DELHI: Public sector State Bank of India has gained the dubious distinction of being the only Indian entity named in a ‘Hall of Shame’ list of 158 global banking and financial institutions that have invested in companies making cluster bombs. The entities that include JP Morgan, Barclays, Bank of America and Credit Suisse, invested over $28 billion in seven producers of cluster munitions between June 2012 and April 2016, Dutch campaign group PAX said in a report. 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”.

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