State Bank of India News

Govt appoints Ram Mohan Rao Amara as SBI MD for a period of three years

Rao was holding the post of deputy managing director and chief risk officer of the country's largest bank until his appointment as managing director

SBI seeks counter bids to sell Rs 52k cr of consortium's loans in JAL

NARCL's anchor bid has triggered a Swiss challenge auction

PSU bank stocks surge up to 39% in 2024; what does 2025 hold in store?

PSU bank stocks: The Nifty PSU Bank index has surged 24.08 per cent on the National Stock Exchange (NSE) thus far in CY24

SBI looks to sell Rs 2,732 cr of bad loans in ARSS Infrastructure Projects

Bank has invited expressions of interest from entities interested in submitting counter bids for the asset on full cash basis

RBI Policy Impact: Financials gain, PSU Bank index rises 2% on CRR cut

Uco Bank, Indian Overseas Bank, Central Bank of India, Bank of Baroda, Canara Bank and Union Bank were up in the range of 2 per cent to 2.5 per cent.

SBI stock trades at 4-month high; gains 14% in 2 weeks on strong outlook

SBI has demonstrated its strength in the last few quarters both on core operating performance and asset quality, while, management remains confident on growth, maintenance of margins and steady RoA.

SBI planning to open 500 new branches across India in FY25: MoS Finance

The State Bank of India (SBI) is planning to open 500 new branches across India during the current financial year, Parliament was informed on Monday. Of this, 135 new branches have already been opened till October 31, 2024, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. Currently, the endeavour of the government is to ensure availability of a banking outlet (bank branch/business correspondent/ India Post Payments Bank) within 5 kilometres of all inhabited villages in the country, he said. Availability of banking outlets is monitored by a Geographic Information System (GIS)-based app, namely, Jan Dhan Darshak (JDD) app, he said. To another question regarding shortage of staff in SBI, Chaudhary said, public sector banks (PSBs) including SBI are board governed commercial entities. The requirement of manpower in each PSB is determined by the respective PSB keeping in view various factors which include, inter-alia, business requirement, spread

SBI launches nation-wide drive for activation of inoperative accounts

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

We open 65,000 savings accounts a day, says SBI Chairman CS Setty

He says SBI is comfortable with liquidity with overall credit deposit ratio at a modest 68 per cent and the aim is to maintain incremental CD ratio at 100 per cent

State Bank of India to channel $1.5 billion in global book in 4 months

In rupee terms, SBI's gross advances in its international book grew by 11.56 per cent year-on-year (Y-o-Y) to Rs 5.88 trillion

BJP Maha win, global cues. Reasons Sensex rallied 1,300pts intraday Monday

The NSE Nifty topped the 24,300-level, and was up 350 points following BJP-led Mahayuti alliance landslide victory in Maharashtra elections. Index heavyweights SBI and RIL were the top gainers so far.

SBI launches low-cost tailored vehicle loan for Uber's fleet partners

The collaboration is aimed at supporting both new and existing Uber fleet partners, helping them expand their businesses

Nifty PSU Bank index slips 5%; PNB, BOB, Canara, SBI dip up to 7%

At 10:00 AM, the Nifty PSU Bank index, the top loser among sectoral indices, was down 4.7 per cent, as compared to the 0.92 per cent decline in the Nifty 50

State Bank of India plans to open 300-400 branches a year in medium term

SBI had 22,640 branches at the end of September 2024, up from 15,870 in March 2014

SBI seeks $1.25 bn in country's largest dollar-denominated loan of 2024

India's top lender is raising the facility for general corporate purposes through its branch at the Gujarat International Finance Tec-City

SBI announces 0.05% hike in marginal cost of fund-based lending rate

The country's largest lender SBI on Thursday announced a 0.05 per cent increase in the marginal cost of fund-based lending rate (MCLR) in some tenors. The one-year MCLR, a key tenor to which long-term loans like home finance are linked, has been increased by 0.05 per cent to 9 per cent effective from Friday, as per a notice on the lender's website. The lender has hiked the MCLR twice in the recent past, amid fears that the higher cost of deposits because of the war on the liabilities side among banks will ultimately result in higher ending rates. The bank's Chairman C S Setty had said 42 per cent of the bank's loan book is linked to the MCLR, while the rest is external benchmark-based. He had also made it clear that the deposit rates have peaked in the system and the bank will not use rate as a pull factor for the customer. SBI has also upped the MCLR in the three- and six-month tenors, and maintained it in the overnight, one month, two-year, and three-year tenors.

SBI share price muted today after Q2; brokerages maintain target price

SBI share price: Even if the Reserve Bank of India cuts repo rate, the impact on NIM should be negligible due to the recent hike in MCLR by 30bp, analysts said

Biz as usual in Canada despite tensions between New Delhi, Ottawa: SBI

State Bank of India (SBI) has not seen any impact in Canada despite the ongoing tensions between New Delhi and Ottawa, a top bank official has said. The Indian government-run lender, which has been present in Canada since 1982, is considered as a "local bank" by all stakeholders in the North American country, its chairman C S Setty said. "We have not seen any change in approach either among the regulators or the customers, it is business as usual," Setty told PTI. SBI operates eight branches through a wholly owned subsidiary in Canada, including in Toronto, Brampton, and Vancouver. "I think we are considered as one of the local banks there -- our engagement in business, banking business is with the local environment there," he said. India-Canada relationship has been frosty for over a year now, ever since the North American country accused India of plotting assassinations of its citizens and the relationship hit a new low last month with the expulsion of diplomats. Meanwhile, Set

SBI Q2 results: Net profit rises 28% to Rs 18,331 cr, beat estimates

Other income expands sharply but provisioning too

State Bank of India to sell Rs 10,000 cr worth of infra bonds by Nov-end

The Indian economy's projected 7.2% growth this financial year is expected to be driven by, among other things, government spending on infrastructure