OREANDA-NEWS. June 29, 2012. The country's 9 largest PSU lenders have formed a consortium for jointly financing infrastructure projects with project cost of Rs.1000 crore and above.

The public sector lenders viz., IDBI Bank, SBI, PNB, Bank of India, Bank of Baroda, Canara Bank, Union Bank, IIFCL and LIC met on June 19, 2012 to discuss the detailed framework and the modalities for joint financing of viable infrastructure projects. The consortium aims to speed up the sanction process, bring uniformity in the approach and terms of lending; thereby facilitate early financial closure of the infrastructure project.

The infrastructure project developer can approach the consortium secretariat for further details at infraconsortium@idbi.co.in.

IDBI Bank is the youngest new generation public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 980 branches and 1579 ATMs. The Bank has an aggregate balance sheet size of Rs. 2,90,837 crore and total business of Rs 3,91,651 crore as on financial year ending March 31, 2012. IDBI Bank's operations during the financial year ending March 31, 2012 resulted in a net profit of Rs.2,032 Crore.