Page 3 - State Bank of India News

Nifty PSU Bank index dips below 200-DMA after more than 2 years; what next?

The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.

PSBs extend fall after Goldman Sachs downgrades SBI; Canara, UBI down 3%

The Nifty PSU Bank index, the top loser among sectoral indices, was down 1.1 per cent at 6,581.40, as compared to the 0.16 per cent rise in the Nifty 50 at 11:14 AM on Monday.

Goldman Sachs downgrades SBI to 'Sell', slashes target price; share slips

The fall in SBI share price came the New York-based brokerage Goldman Sachs downgraded SBI to 'Sell' from 'Neutral'.

Banks facing challenge in getting cyber security talent: SBI chairman

He said SBI has been able to create resilience in the system. While ensuring this, the country's largest lender had to ensure an improved customer experience against the backdrop of legacy systems

SBI focuses on JanDhan, trusts, societies to mobilise incremental deposits

SBI is using wealth banking to focus on a segment which is below affluent class but above the normal account holders

FSIB recommends Ram Mohan Rao Amara as managing director of SBI

FSIB interacted with nine candidates for selection. It said the recommendation was made "keeping in view their performance in the interface, overall experience, and extant parameters"

FSIB recommends Rama Mohan Rao Amara for Managing Director of SBI

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Monday recommended Rama Mohan Rao Amara for the position of managing director of State Bank of India (SBI). Amara is currently Deputy Managing Director of the bank. He will fill the vacancy created due to elevation of C S Setty as chairman of the country's largest lender. The Financial Services Institutions Bureau (FSIB) interviewed 9 candidates for the position of managing director of SBI, FSIB said in a statement. "Keeping in view their performance in the interface, overall experience and the extant parameters, the Bureau recommends Rama Mohan Rao Amara for the position of MD in SBI," it said. The SBI board is headed by Chairman assisted by four managing directors. With the selection of Amara, SBI will get its fourth MD. The final decision on FSIB's recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former secr

Competition for deposits but no rate war, says SBI chief C S Setty

SBI is aiming to get 90 per cent of its retail unsecured loans from the digital channels, going forward, Setty said

SBI working on new version of digital banking platform: Dinesh Khara

Former SBI Chairperson Dinesh Khara on Thursday said the country's largest lender is working on a new version of its digital banking platform to take care of its customers' requirements and preferences. In his special address at the Global Fintech Fest 2024 here, Khara, who superannuated on Thursday, also said that a banker should always keep risks in mind, even though people tend to ignore the risk but that shouldn't happen. "We had envisaged YONO only as a retail solution and initially it was thought to replace internet banking but when we launched it, we thought that it should be much more than that, (as) it serves all banking and financial needs today. We're working on YONO 2.0 where it should be made more modular and faster in terms of processing," Khara said. Stating that YONO has 80 million registered users today with almost 10 million users logging in at the platform each day, he said in many respects, it would be a record of sorts across the globe. Last year, the platform

SBI's mega tier II debt issue may boost fundraising via such notes: Bankers

On Wednesday, India's largest lender SBI raised Rs 7,500 crore ($894.1 million) through 15-year tier II bonds, with a 10-year call option at 7.42 per cent coupon

Will strive to make SBI most valued financial institution: Chairman Setty

State Bank of India (SBI) will strive to become the most valued financial institution and also increase its net profit, the lender's new Chairman, C S Setty said on Wednesday as he asserted that this is India's decade. Soon after taking charge of the nation's largest bank, Setty assured employees that all efforts would be made to grow SBI into the 'Best Bank' in the country. As of today, he said in his message, SBI proudly serves over 50 crore customers, with market leadership positions across products and has achieved 1 per cent Return on Assets on arguably the country's largest balance sheet. "Since the start of this decade, our global rank among banks has moved up 35 positions from 52 to 17 in terms of market capitalization," he said thanking his predecessors. "It is now our turn to build on this foundation, to grow SBI into the 'Best Bank' in the country. "We have to strive to become the most valued financial institution, increase our net profit to reach new milestones, reinfo

SBI raises Rs 7,500 cr via tier 2 bonds to meet regulatory needs, others

May look at another round of Tier II bond issuance as yields soften

Challa Sreenivasulu Setty takes over as SBI Chairman, succeeds Dinesh Khara

Challa Sreenivasulu Setty on Wednesday assumed charge as Chairman of the country's largest lender State Bank of India (SBI). He succeeds Dinesh Khara, who superannuated from services of the bank at the closing of business hours on Tuesday, SBI said in a regulatory filing. Prior to becoming chairman, Setty was the senior-most managing director of the bank. As per the convention, the chairman is appointed from a pool of serving managing directors of SBI. Usually, the senior-most managing director becomes chairman of the bank. Setty, who also headed various task forces/committees formed by the Government of India, had earlier looked after the bank's retail and digital banking portfolio. A Bachelor of Science in Agriculture and a Certified Associate of the Indian Institute of Bankers, Setty began his career with SBI in 1988 as a Probationary Officer. Across a career spanning over three decades, he has rich experience in corporate credit, retail, digital and international banking and

Current account deposits, retail asset quality challenges for new SBI chair

Maintaining loan growth momentum, protecting margins may not be easy as interest rate cycle changes

SBI can support loan growth, lower deposit growth not a challenge: Khara

Amid concerns over the continuing gap between deposit and loan growth, SBI Chairman Dinesh Khara on Friday said it is not posing any challenges for the country's largest lender as it is able to support the uptick in advances. The bank is unwinding a part of its excess investments in government securities to arrange the required resources to support the loan growth, Khara told reporters here. It can be noted that for nearly two years, the deposit growth is trailing the credit expansion for the banking system, and SBI has also been seeing the same trends in its business. Some experts have been opining that this is due to flow of savings into higher yielding capital market alternatives, while some like SBI's own researchers also called the concerns a "statistical myth", saying the overall quantum of incremental deposits has been higher than advances since FY22. Asked about how concerning the situation is at present, Khara said, "We are in a position to support our loan book growth wel

SBI, Punjab National Bank in talks with Karnataka to resolve issues

One incident involved PNB's Rajajinagar branch, where the Karnataka State Industrial Board had fixed deposits of approximately Rs 25 crore, but PNB released only Rs 13 crore on maturity

Nifty PSU Bank, Private Bank bearish; time to accumulate? Analyst weighs

The Nifty PSU Banks Index is currently experiencing a downward trend in the near term. However, the index has recently undergone a sharp correction, bringing it very close to critical support levels a

Rate sensitive shares trade mixed as RBI keeps repo rate unchanged at 6.5%

At 11:07 AM, the Nifty Bank, Nifty Auto, Nifty Realty, and Nifty Financial indices were trading less than 0.30 per cent lower each, as compared to a 0.50-per cent decline in the Nifty 50 index

Govt panel approves CS Setty appointment as SBI Chairman for 3 yrs period

The government on Tuesday appointed C S Setty as Chairman of the country's biggest lender State Bank of India (SBI) for a period of three years. Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28. The Appointments Committee of the Cabinet ACC has approved the proposal of the Department of Financial Services for the appointment of Challa Sreenivasulu Setty as chairman of SBI for a period of three years with effect from the date of assumption of charge, a government order said. Khara will be superannuating on August 28, when he turns 63, the upper age limit for the position of SBI chairman. Besides, the government has also appointed Rana Ashutosh Kumar Singh to take over as managing director (MD) at SBI. SBI, the country's largest lender, has a chairman assisted by four MDs. Singh, currently DMD, will serve as MD on June 30, 2027, the age of superannuation, another order said. Setty, who also headed various task forces and

Why SBI stock fell 5% after Q1 result? Buy, sell, hold? Check strategy here

SBI share price today: BI share price has tumbled nearly 12 per cent from its record high level of Rs 912, touched on June 3, 2024