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FSIB to interview eligible candidates for SBI Chairman post on May 21

FSIB, the headhunter for directors of state-owned banks and financial institutions, is scheduled to interview eligible candidates for the post of SBI chairman on Tuesday, sources said. Financial Services Institutions Bureau (FSIB) will interview the eligible MDs of the bank to select a replacement for Dinesh Khara, who will be superannuating on August 28, when he turns 63, the upper age limit for the SBI Chairman position. As per the convention, the chairman is appointed from a pool of serving managing directors of SBI, the country's largest lender. FSIB would recommend the name and the final decision would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by Bhanu Pratap Sharma, former secretary of Department of Personnel and Training (DoPT). The members of the government-appointed selection panel are Financial Services Secretary, Department of Public Enterprises Secretary and an RBI Deputy Governor. Other members of the

Cancelling credit card, uncluttering home: Top personal finance stories

Our top stories this week tell you about the procedure to cancel a card and the various storage solutions for your home

Finance Ministry asks SBI to form committee to tackle co-lending issues

Department of financial services holds meeting with major banks and stakeholders

SBI MF adds automotive opportunities fund to its thematic line-up

According to fund house, the growing demand for premium automobiles & rising electric vehicle adoption also bodes well for the cos in this sector, while bringing new investment options to the fold

Public sector banks' total profit jumps 35%, crosses Rs 1.4 trn in FY24

Public sector banks' cumulative profit crossed Rs 1.4 lakh crore in the financial year ended March 2024, recording a growth of 35 per cent over the previous year on a high base of Rs 1 lakh crore. The 12 Public Sector Banks (PSBs) together had earned a net profit of Rs Rs 1,04,649 crore in 2022-23. Out of the total profit of Rs 141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 per cent of the total earnings, as per the published numbers on exchanges. SBI earned a profit of Rs 61,077 crore 22 per cent higher than the previous financial year (Rs 50,232 crore). In percentage terms Delhi-based Punjab National Bank had the highest net profit growth with 228 per cent to Rs 8,245 crore, followed by Union Bank of India with a 62 per cent rise to Rs 13,649 crore and Central Bank of India with a 61 per cent increase to Rs 2,549 crore. Among the banks which recorded over 50 per cent jump in net profit included Bank of India with a 57 per

85% of 12,000 freshers set to join SBI in FY25 are engineering grads: Khara

Eighty-five per cent of about 12,000 freshers set to join the country's largest lender SBI in FY25 are engineering graduates, its chairman Dinesh Khara has said. The bank is in the process of onboarding up to 12,000 freshers in the roles of probationary officers and associates in FY25, and there is no bias towards onboarding engineers in the ranks, Khara said, stressing that this is not by design. After training the over 3,000 POs and over 8,000 associates with some banking knowledge, they will be channelised into various business roles. It can be noted that this comes at a time when the banking sector is increasing its dependency on technology as it looks for newer ways of enthralling the customer, while some players are also grappling with challenges on this front. "We expose them into banking and thereafter, channelise them into various roles in business and IT, depending on their aptitude and temperament, and that is something which is helping us ensure that there is a continuo

SBI stock may gain 22% to hit Rs 1,000-mark, rally may be gradual: Analysts

SBI stock price: On the bourses, SBI stock price hit a record high of Rs 839.6 apiece on the BSE, soon after the result announcement on May 9

Treasury gains, fee income help State Bank of India Q4 net surge 24%

Loan-loss provisioning increased to Rs 3,294 crore in Q4, up more than 150% from the year before

SBI Q4 results: Profit up 24% YoY to Rs 20,698 cr; stock hits record high

SBI Q4 results: SBI declared a dividend of Rs 13.70 per equity for FY24

SBI Q4 preview: Profit may fall up to 38% YoY on higher opex, say analysts

SBI Q4 results preview: Analysts' net profit estimates vary in the range from Rs 10,432 crore to Rs 14,743 crore

FSIB meet on May 21-22 to select State Bank of India's next chief

In October 2023, SBI chief Dinesh Kumar Khara's tenure was extended until August 2024

Lenders request RBI approval to sell Jaiprakash Associates loan to NARCL

SBI-led lenders are pursuing RBI clearance to shift real estate firm's Rs 18,000 crore debt to NARCL in a Rs 10,000 crore deal

Positive real yields on India govt bonds visible, says SBI official

The inflation-adjusted returns will accrue even if inflation does not ease to the Reserve Bank of India's 4% target and stabilises around 5%, he said

ITPCL debt: NCLAT rejects SBI's objection on liquidation value given by PNB

Appellate tribunal NCLAT has rejected SBI's pleas opposing the liquidation value of ITPCL provided by the debt-ridden firm's lead banker PNB and said the country's largest lender cannot "wriggle out" the debt restructuring process of the IL&FS group's thermal power company. The National Company Law Appellate Tribunal (NCLAT) has dismissed all three applications moved by SBI and said it does "not find any error in fixing the liquidation value as of 30.09.2018" of IL&FS Tamil Nadu Power Company Ltd (ITPCL). The appellate tribunal observed that as per the RBI circular, an Inter-Creditor Agreement has been entered between the lenders. Moreover, over 90 per cent lenders by value and 75 per cent by numbers have already approved ITPCL restructuring plan. The lenders of ITPCL "with the requisite majority has already taken a decision to approve restructuring plan, the SBI, who is also one of the lenders, cannot be permitted to wriggle out of the terms of the ITPCL restructuring ...

Mcap of 6 most valued firms rise Rs 1.30 trn; SBI, ICICI Bank top gainers

The combined market valuation of six of the top-10 most valued firms increased Rs 1,30,734.57 crore last week, with State Bank of India and ICICI Bank emerging as the biggest gainers in line with an overall positive trend in equities. Last week, the BSE benchmark advanced 641.83 points or 0.87 per cent. The valuation of the State Bank of India rallied Rs 45,158.54 crore to Rs 7,15,218.40 crore. ICICI Bank's market valuation rose Rs 28,726.33 crore to Rs 7,77,750.22 crore. Bharti Airtel added Rs 20,747.99 crore to Rs 7,51,406.35 crore, and that of ITC jumped Rs 18,914.35 crore to Rs 5,49,265.32 crore. The market capitalisation (mcap) of Life Insurance Corporation of India (LIC) advanced by Rs 9,487.5 crore to Rs 6,24,941.40 crore, and that of Infosys went up by Rs 7,699.86 crore to Rs 5,93,636.31 crore. However, the mcap of Reliance Industries declined by Rs 26,115.56 crore to Rs 19,64,079.96 crore. The valuation of HDFC Bank dipped by Rs 16,371.34 crore to Rs 11,46,943.59 crore.

SBI Life Insurance Q4 results: Net profit rises 8% to Rs 811 crore

The net premium income of the largest private life insurer rose 26.23 per cent year-on-year to Rs 25,116 crore in the reporting quarter from Rs 19,896 crore in Q4 FY23

SBI Card Q4 results: Net profit rises 11% to Rs 662 crore, revenue up 14%

The company's capital to risk ratio (CRAR) stood at 20.5 per cent as of 31 March 2024 as compared to 23.1 per cent as of 31 March

SBI Card Q4 results: PAT rises 11% to Rs 662 cr, total revenue rises 14%

SBI Card on Friday reported an 11 per cent rise in profit after tax to Rs 662 crore for the quarter ended March 2024. SBI Cards and Payment Services Ltd (SBI Card) had a profit of Rs 596 crore in the fourth quarter of 2022-23 fiscal. Total revenue rose 14 per cent to Rs 4,475 crore in the fourth quarter of 2023-24, as against Rs 3,917 crore in the year-ago period. Interest income grew by 28 per cent to Rs 2,139 crore in Q4 FY24. Fees and commission income increased by 6 per cent to Rs 2,209 crore in the March quarter, SBI Card said in a statement. For the full 2023-24 fiscal, profit after tax (PAT) climbed 7 per cent to Rs 2,408 crore. The company had a profit of Rs 2,258 crore in fiscal 2022-23. Total income increased by 22 per cent to Rs 17,484 crore in FY24, as against Rs 14,286 crore in FY23. The size of the company's balance sheet as of March 31, 2024, was Rs 58,171 crore as against Rs 45,546 crore a year ago. SBI Cards and Payment Services is a non-banking financial compan

FSIB recommends Ashutosh Kumar for SBI MD, Asheesh Pandey for Indian Bank

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Wednesday recommended Rana Ashutosh Kumar Singh for the post of Managing Director of State Bank of India (SBI). Singh is currently serving as deputy managing director at SBI. SBI, the country's largest lender, has four managing directors and one chairman. Declaring the result of the selection process, the Financial Services Institutions Bureau (FSIB) in a statement said the Bureau interviewed 16 candidates on April 23 and 24. "Keeping in view their performance in the interface, their overall experience and the extant parameters, the Bureau recommends Rana Ashutosh Kumar Singh for the position of MD in SBI," it said. The final decision on the FSIB recommendation would be taken by the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi. FSIB is headed by former Department of Personnel and Training (DoPT) Secretary Bhanu Pratap Sharma. Other members of the headhunter are

Poor risk assessment root of asset quality concerns: SBI chief Khara

SBI chairman Dinesh Kumar Khara on Tuesday said poor risk assessment is the root of asset quality concerns on the unsecured lending front. In comments that come amid increased regulatory discomfort and efforts to dissuade banks from increasing exposures to segments such as credit cards and personal loans, the chairman of the country's largest lender said there is no challenge if a bank is able to manage risk. "The unsecured lending becomes a problem if the assessment is not done properly," he told reporters on the sidelines of an event where the bank's credit card subsidiary SBI Cards launched a travel segment-focused card. It can be noted that late last year, the RBI increased the risk weights on unsecured lending to dissuade the lenders from undertaking more exposures to such riskier products which come without any collateral. Khara asserted that the 25-year-old SBI Cards has been able to manage the asset quality well because of its focus on risk assessment. The company has amas