Page 13 - Sbi

Electoral bonds case: Supreme Court to hear contempt plea on March 11

Advocate Prashant Bhushan, appearing for ADR, urged the bench headed by Chief Justice of India DY Chandrachud to hear the plea on 11 March along with SBI's application

Electoral bonds: Petition seeks action against SBI for disobeying SC order

A petition has been filed in the Supreme Court seeking contempt action against the State Bank of India (SBI) alleging it "wilfully and deliberately" disobeyed the apex court's direction to submit details of contributions made to political parties through electoral bonds to the Election Commission by March 6. The plea, filed by two NGOs, claimed SBI's application seeking extension of time till June 30 to disclose the details of electoral bonds encashed by political parties has been deliberately filed at the last moment to ensure that details of donor and the amount of donations are not disclosed to the public before the upcoming Lok Sabha elections. A bench headed by Chief Justice D Y Chandrachud on Thursday took note of the submissions by advocate Prashant Bhushan, who appeared on behalf of NGOs Association for Democratic Reforms and Common Cause, that he wanted initiation of contempt proceedings against the SBI. Bhushan said the SBI's application is likely to be listed on March 11

Nation seeks, Modi hides, says Congress over electoral bonds issue

The Congress hit out at the Centre on Thursday over the State Bank of India (SBI) seeking more time from the Supreme Court to disclose details of electoral bonds and claimed that Prime Minister Narendra Modi is "absolutely terrified" of revealing his corporate donors to people. The SBI moved the Supreme Court on Monday, seeking an extension till June 30 to disclose the details of each electoral bond encashed by political parties. In its verdict last month, the top court directed the bank to furnish the details to the Election Commission (EC) by March 6. Congress general secretary in-charge communications Jairam Ramesh hit out at the government, saying, "Hide and seek in New India: Nation seeks, Modi hides!" "The Pradhan Mantri Chanda Chipao Yojana, implemented by the SBI, is built on lies," he said on X. The Supreme Court had asked the SBI to provide the details of the electoral bond donors and recipients within three weeks, the former Union minister noted. The SBI has asked the

SBI should follow SC deadline on electoral bond: Bank employees' union

The State Bank of India should adhere to the deadline set by the Supreme Court to disclose to the Election Commission the names of contributors to electoral bond scheme, a bank employees' trade union demanded on Wednesday. The SBI on Monday had moved the top court seeking an extension of time till June 30 to disclose details of each electoral bond encashed by political parties. In its verdict last month, the court had directed the bank to furnish the details to the poll panel by March 6. In a statement issued in Kolkata, the Bank Employees Federation of India (BEFI) also alleged that public sector banks and its personnel are being utilised for "narrow political interest of the ruling forces" and said it opposes this. The BEFI is a union consisting of employees of commercial banks, the Reserve Bank of India, NABARD, regional rural banks and co-operative banks. Calling the Supreme Court's verdict on electoral bonds a "landmark" judgment, the union said, "The country observed that SBI

EC yet to receive details from SBI on electoral bond encashed by parties

The State Bank of India has not shared details of the electoral bonds encashed by political parties till Wednesday, the deadline set by the Supreme Court. The State Bank of India (SBI) had on Monday moved the Supreme Court seeking an extension of time till June 30 to disclose details of each electoral bond encashed by the political parties. The SBI's plea has not been listed for hearing by the apex court so far. Sources said that no details have been shared with the poll panel. Last month, a five-judge constitution bench headed by Chief Justice D Y Chandrachud had struck down electoral bonds scheme and directed the SBI to disclose details of each electoral bond encashed by the political parties. The information should include the date of encashment and the denomination of the bonds and be submitted to the poll panel by March 6. In its application before the apex court, the SBI had contended that retrieval of information from "each silo" and the procedure of matching the informati

Congress slams Modi govt's desperation as SBI moves SC on electoral bonds

The Congress on Tuesday attacked the Centre over the State Bank of India moving the Supreme Court to seek more time to disclose electoral bond details, alleging that the Modi government is using the largest bank of the country as a shield to hide its "dubious dealings". The State Bank of India (SBI) on Monday moved the Supreme Court seeking an extension till June 30 to disclose details of each electoral bond encashed by political parties. In its verdict last month, the top court directed the SBI to furnish the details to the poll panel by March 6. Congress president Mallikarjun Kharge said the Congress' position on the electoral bonds scheme is that it is "opaque, undemocratic and destroyed the level playing field". "Modi government is using the largest bank of our country as a shield to hide its dubious dealings through Electoral Bonds," he said. No less than the Supreme Court of India had struck down Modi government's "black money conversion scheme" of Electoral Bonds, holding it

$50 billion SBI Pension Funds may turn to corporate bonds: CIO Pandey

SBI Pension has been positioning for a rate cut by extending the 'modified duration' in its bond portfolio to around 6.8-to-6.9 years from 6 years over the past eighteen months, Pandey said

SBI seeks time until June 30 to share electoral bonds information

SBI noted that due to the strict measures taken to ensure the anonymity of the donors, "decoding" the electoral bonds and matching the donors to the donations made would be a complex process

GDP growth in FY24 likely to be within striking distance of 8%: SBI report

The GDP growth for the current financial year could be within striking distance of 8 per cent, a study by the State Bank of India (SBI) said on Friday, a day after India posted an 8.4 per cent growth in the December quarter, and revised upwards the estimates for the preceding two quarters. "The third quarter GDP numbers jolted the psyche and cognitive framework of most in markets, while sweeping some by a pleasant surprise. Clearly, right policy prisms and perspectives can trump irrational expectations bordering fault lines," SBI said in its research report 'Ecowrap'. It noted that defying all estimates, the economy grew 8.4 per cent in the third quarter of 2023-24 after exhibiting more than 8 per cent growth in the preceding two quarters. The buoyancy in indirect tax mop-up (32 per cent year-on-year growth), gap between Gross Domestic Product (GDP) and Gross Value Added (GVA) growth widened. "For fiscal 2023-24 GDP growth is expected to increase 7.6 per cent and GVA growth by 6.9

Economists divided over poverty decline claims by SBI, Niti Aayog

The SBI report estimated the new poverty line at Rs 1,622 for rural areas and Rs 1,929 for urban areas

Q3 GDP may slide to 6.7-6.9% on poor farm sector show: SBI Research

The Indian economy is likely to grow at 6.7-6.9 per cent in December quarter FY24 as compared to 7.6 per cent growth in the second quarter on poor performance in the farm sector, a report by SBI Research said on Wednesday. The report comes a day ahead of the release of official GDP data for the third quarter of 2023-24 financial year. India retained the tag of the world's fastest-growing major economy, with its GDP expanding by a faster-than-expected rate of 7.6 per cent in September quarter on booster shots from government spending and manufacturing. The 6.7-6.9 per cent growth forecast by SBI Research is lower than the Reserve Bank's 7 per cent growth projection for the quarter. SBI Research has projected Q4 GDP at 6.8 per cent. SBI Research said the biggest reason for the lower growth forecast is the very poor show by the farm sector as, barring fisheries, the whole sector is badly affected. As per the first advance estimates, the production of major kharif crops in 2023-24 is

Revisit sops for loans to push housing sector growth: Khara at BS IMLC

Pointing to economic spinoffs, such as creating jobs, Dinesh Khara, chairman, says it's time to revisit tax benefits for loans

SBI Apprentice Final result 2023 is out, here's how to check and download

SBI Apprentice Final Result 2023: SBI has issued the results for Apprentices Recruitment 2023. Candidates who appeared for the examination can check their results on SBI's official website

While competing hard for money, interest rate risks under control: Khara

Khara spoke at the 'Business Standard' BFSI Insight Summit 2023 about how the state-owned is carefully looking at interest rate risk

Credit card issuance: HDFC Bank widens gap with nearest rival SBI Card

The total number of credit cards in circulation was 99.5 million in January 2024, steadily rising from 97.9 million in December 2023

RBI penalises SBI, Canara Bank, City Union Bank for flouting norms

The RBI took action after conducting Statutory Inspection for Supervisory Evaluation (ISE 2022) of the three lenders with reference to their financial position as on March 31, 2022

SBI Mutual Fund mops up over Rs 6,700 cr from Energy Opportunities Fund

SBI Mutual Fund, the country's largest mutual fund house, has collected over Rs 6,700 crore through its latest offering- energy opportunities fund - beating its internal target of Rs 5,000 crore. In a statement, the fund house said the NFO has received a widespread response from all distribution channels and the overall number of applications crossed close to 5 lakh. The NFO saw a large number of new investors participating which underscores the trust of investors and distributors in SBI Mutual Fund. It also underlines the strong belief that investors have in the energy theme, it said. The Energy Opportunities Fund is an open-ended equity scheme following the energy theme tracking the energy index of the benchmark Nifty. The scheme would invest 80-100 per cent of its assets in equity and equity-related instruments of companies engaged in energy (traditional and new) and allied business activities and the balance in other equity and equity-related instruments, including equity ...

Goldman Sachs downgrades ratings on shares of SBI, ICICI, YES Bank

Key challenges include mounting pressure on the cost of funds, driven by structural funding issues, and escalating concerns regarding rising consumer leverage

CEIB launches portal for antecedent verification of prospective borrowers

The Central Economic Intelligence Bureau (CEIB) on Friday launched a portal for antecedent verification of prospective borrowers and bad loans to streamline intelligence clearance process for banks for loan disbursement. The portal was launched earlier this week by CEIB Director General Amit Mohan Govil and SBI Chairman Dinesh Khara in a meeting with all public sector banks in Mumbai. It aims at equipping banks with quick access to information for taking timely decisions with regard to credit sanction, Indian Banks' Association said in a statement. As per 'Framework for timely detection, reporting, investigation etc. relating to large value bank frauds' dated May 13, 2015 and November 6, 2019 issued by the Department of Financial Services, Ministry of Finance, all Public Sector Banks (PSBs) seeks report from CEIB before the sanction of loan exceeding Rs 50 crore and above in case of new borrowers and if the existing borrower's accounts turn into a NPA. In August-2022, at the reques

Credit deposit ratio inch up Dec qtr; top PSBs report lower than pvt peers

The CD ratio is the ratio of the funds that banks lend compared to the funds raised in the form of deposits