SBI named in Hall Of Shame list of Banks funding Cluster Bomb Makers

Posted on:21 Jun 2016 16:26:58
SBI named in Hall Of Shame list of Banks funding Cluster Bomb Makers
21 June 2016 Current Affairs: The State Bank of India (SBI) was named in the Hall of Shame list of 158 banking institutions that have invested billions of dollars in companies making cluster bombs on 16 June 2016 . The list was prepared by Dutch campaign groupPAX Worldwide Investments in Cluster Munitions report.

State Bank of India (SBI) is the only Indian entity on the list that includes global giants like JP Morgan, Barclays, Bank of America and Credit Suisse.

Highlights : The report looks at investments into companies involved in the 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).

Textron produces the CBU-105 Sensor Fuzed Weapon. Between June 2012 and April 2016, 49 financial institutions invested over 12 billion US dollars in Textron.The maximum number of 74 banks are from the US, followed by China (29) and South Korea (26). 

The majority of the financial institutions included in the Hall of Shame are from countries that have not yet joined the Convention on Cluster Munitions (CCM), the international treaty that bans this weapon. 

However, the report points towards the serious concern that there are still 20 financial institutions from seven countries which have joined the CCM. 

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