SBI among Hall of Shame List of banking institutions funding companies making cluster bombs

Q.  Which public sector bank was named in the Hall of Shame List of 158 banking institutions investing billions of dollars in companies creating cluster bombs, according to Dutch campaign group PAX Worldwide Investments in Cluster Munitions report?
- Published on 22 Jun 16

a. SBI
b. OCI
c. PNB
d. IDBI

ANSWER: SBI
 
SBI is the only Indian entity in the list. It includes global giants like Barclays, JP Morgan, Credit Suisse and BoA.
  • Report looks at investments into companies involved in production of cluster munitions
  • 158 financial institutions invested over 28 billion US dollars in the seven companies researched in the report between June 2012 and April 2016.
  • These 7 companies are China Aerospace Science and Industry, China Aerospace Science and Technology, Hanwha (South Korea), Norinco (China), Orbital ATK (US), Poongsan (South Korea) and Textron (US).
  • Maximum number of banks are from the US

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