State Bank of India and FTSE Russell, a global index and data provider have announced the launch of FTSE SBI Bond Index Series at the London Stock Exchange on 22 September, providing the global investor community and other market participants the tools they need to analyse India's bond market.
In November 2015, during the visit of Indian Prime Minister Narendra Modi to the United Kingdom, a letter of intent was signed between State Bank of India and FTSE to develop in partnership, a new index tracking Indian fixed income securities. This initiative was also announced as a priority under the India-UK Financial Partnership (IUKFP).
The launch of this index series demonstrates SBI's commitment to play a befitting leadership role in the development of India's bond market. This index is also an important enabler to India-focused funds and is expected to facilitate investment flows.
"SBI, India's largest commercial bank, has been at the forefront of development of financial markets in India. We have teamed up with FTSE RUSSELL to launch the FTSE-SBI Bond Index Series. This index will act as a key benchmark for Indian debt for foreign investors looking to invest in Indian debt market and will significantly contribute to development and broadening of the Indian Bond Market," said Arundhati Bhattacharya, Chairman of State Bank of India.