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The banks include State Bank of India, Punjab National Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Axis Bank and IDBI Bank

The MoU shall be valid for a period of three years, and are subject to extension as per arrangement between SAIL and the banks individually

REC and PNB will associate with each other to co-finance loans amounting to Rs 55,000 crore over the next three years.