Page 25 - Sbi

Domestic GDP growth on firm footing, growth slightly revised upwards: SBI

Country's largest commercial lender State Bank of India (SBI) said that domestic GDP growth is now on firm footing with urban demand showing good traction, while the lagging rural demand is a cause of concern. The apex bank has also revised GDP growth marginally upwards from 6.4 per cent to 6.5 per cent for the current financial year. In its 'Ecowrap' research report, SBI said that the GDP growth forecast of the apex bank RBI for the current fiscal has undergone some change since April 2023. While RBI had projected GDP growth at 6.4 per cent in April, this has been slightly revised upwards to 6.5 per cent for the current fiscal, as announced in the latest Monetary Policy Committee (MPC) meeting which concluded on June eight. Inflation for the current financial year has been pegged by 5.1 per cent by the apex bank, perceived to be above the tolerance band of RBI at four per cent. The report said that the series of rate hikes in the recent past had resulted in falling unemployment r

Nearly 80% Indians depositing Rs 2,000 notes instead of exchanging: Report

Back in May 2023, the central bank said that it would withdraw Rs 2,000 notes from circulation and allowed people to exchange or deposit these notes latest by September 30, 2023

SBI to factor in climate finance risk: Chairman Dinesh Kumar Khara

The gross non-performing assets (GNPA) ratio of green industrial loans, however, has been higher during the same period, especially for PSBs, it said

Stocks to Watch today, June 6: Adani Group, SBI, Maruti, HUL, Sejal Glass

Top Stocks to Watch on June 6, 2023: Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms

SBI Cards and Payment Services to raise Rs 3,000 crore through NCDs

The board approved raising of funds by way of issuance of NCDs in one or more tranches, on a private placement basis

SBI to enhance use of AI, ML by deploying NextGen Data Warehouse, Data Lake

SBI on Monday said it has proposed to enhance the use of business analytics and AI/ML in decision-making and operations by deploying NextGen Data Warehouse and Data Lake and exploring new partnerships with fintechs and NBFCs for co-lending. The country's largest lender, in its annual report posted on stock exchanges on Monday, said it deploys the most advanced technologies like artificial intelligence (AI), machine learning (ML) and business analytics, among others, to augment its product offerings to enhance customer delight each time without exception. The bank's standalone net profit during fiscal 2022-23 rose by over 58 per cent to Rs 50,232 crore from Rs 31,676 crore in FY2022. "... the bank has registered significant improvements on the asset quality front, provision coverage ratio, RoE/RoA, NII and NIM, while also giving highest standalone profit in FY2023 by any listed corporate, domestically," State Bank of India (SBI) said. SBI Chairman Dinesh Kumar Khara, in his message

UTI, SBI MFs lead small town footprint due to strong branch presence

Table-topper UTI MF prides itself on the distribution network it has created in B-30 locations

CBI files case against IL&FS Transportation Network for defrauding 19 banks

The fraud done by IL&FS Transportation Network Ltd (ITNL) and its directors came to light in 2018 after the National Company Law Tribunal (NCLT) appointed a new board of directors

Private banks register higher growth in deposits vs PSBs; rise 9.6% YoY

For the first time, HDFC Bank registered a total deposit of Rs 3.24 trillion, not quite close to SBI's deposits but still a sign of strong growth in terms of deposits

SBI Card plans to raise Rs 3,000 cr from debentures to fund business growth

SBI Card on Tuesday said it plans to raise up to Rs 3,000 crore by issuing debentures to fund business growth. The decision to consider and approve the proposal for raising funds through the issuance of non-convertible debentures (NCDs) aggregating to Rs 3,000 crore would be taken in June 5 board meeting, SBI Card said in a regulatory filing. This fundraising would be done through private placement in one or more tranches over a period of time, it added.

Delhi HC rejects plea against RBI, SBI notice on exchange of Rs 2,000 notes

Petition says says exchange without a requisition slip and ID is arbitrary and irrational; RBI counsel says banking regulator's notification was a statutory exercise, not demonetisation

SBI raises $750 mn via bonds on India INX under its $10 bn MTN programme

SBI, the country's largest public sector lender, on Monday raised USD 750 million under its USD 10 billion Global Medium Note programme to fund its overseas business growth. The fund was raised at INX's Global Securities Market (GSM), GIFT International Financial Services Centre (IFSC) at Gandhinagar from global investors. The bonds were issued through SBI's London Branch to fund offshore business growth and were priced competitively. This demonstrates strong investor confidence in the country's largest bank and paves the way for a strong pipeline of foreign currency bond issuances this year, it said. Commenting on the listing, SBI chairman Dinesh Khara said the success of the issue highlights the strong investor base SBI has created for itself in the offshore capital markets. The issuance received huge participation from several marquee accounts across geographies resulting in the largest spread compression amongst all USD Indian bond issuances during the current year, it said.

Robust LIC, SBI results exposed Congress conspiracy to weaken them: BJP

The BJP on Friday cited the strong financial performance of the government-run LIC and the State of Bank of India to assert that it has exposed the Congress' "conspiracy to weaken these institutions and harm the country". BJP leader and former Union minister Ravi Shankar Prasad said though the Congress claims to support the public sector, it ran a negative campaign targeting the Life Insurance Corporation of India and the State Bank of India. He noted that the Life Insurance Corporation profit in the March quarter stood at Rs 13,428 crore, a rise of 466 per cent. The SBI profit in 2022-23 was Rs 50,232 crore, a rise of 58 per cent, the BJP leader said. The Congress has been constantly running down these organisations as part of its "conspiracy" but their robust results have exposed the party, Prasad said.

SBI penalised for sending bills to man despite credit card's expiry

A Delhi consumer forum has directed the SBI Cards & Payments Services Pvt. Ltd. to pay Rs 2 lakh to a person here for sending him bill even after his card's expiry and blacklisting him for non-payment of the charges. The New Delhi District Consumer Disputes Redressal Forum comprising its president Monika A Srivastava and members Kiran Kausal and Umesh Kumar Tyagi directed the company to pay the amount to M J Anthony, a former journalist, for "deficiency in providing services". The forum noted that the company had blacklisted him in the CIBIL system of the wilful defaulters maintained by the RBI, which resulted in the rejection of his applications for credit cards from another bank where he had maintained regular account for nearly two decades. "This Commission is of the view that the SBI Cards & Payments Services Pvt. Ltd. has been deficient in providing services to the complainant and though the damage/loss occasioned to the complainant in terms of credit rating cannot be ...

Public sector banks' total dividend payout 58% higher than in FY22: Report

Three out of 12 PSBs namely SBI, Bank of Baroda, and Canara Bank, declared a three-digit dividend during the year

Withdrawal of Rs 2,000 to have favourable impact on deposits, says SBI

An SBI study on Tuesday said the withdrawal of Rs 2000 currency note is likely to be a non-event but it will have a favourable bearing on liquidity, bank deposits and interest rates. The 131-day window to exchange junked 2000 rupee currency notes opened on Tuesday with a mixed bag of small queues and confusion at some banks over the requirement of officially valid identity cards like PAN or Aadhaar, and official forms. Unlike November 2016, when old 500 and 1000 rupee notes - constituting some 86 per cent of the currency in circulation - were banned overnight, resulting in sarpantine ques outside bank branches across the country, this time no crowding is being witnessed. The SBI's research report 'Ecowrap' expects that almost the entire amount of Rs 3.6 lakh crore in the form of Rs 2000 will come back to the banking system (the report assumes 10-15 per cent of the total Rs 2000 notes are in currency chests). "Even though the impact of Rs 2000 rupee note withdrawal is a non-event, .

HC reserves order on plea against notification for Rs 2000 notes exchange

RBI tells Delhi High Court withdrawal of Rs 2000 notes is not demonetisation but statutory exercise

SBI General unveils 'Surety Bond Bima' for infrastructure projects

SBI General Insurance, the non-life insurance arm of State Bank of India (SBI), on Tuesday announced the launch of the General Surety Bond Bima (Conditional & Unconditional)' insurance product. Surety Bond Insurance will act as a security arrangement for infrastructure projects and will insulate the contractor as well as the principal (contract awarding authority). The product is designed to provide protection against breach of terms and conditions by the contractors either during the bidding stage or during the performance stage of a project, SBI General said in a statement. The Surety insurance product consists of a wide range of bonds, such as bid bonds, advance payment bond, performance bond, and retention money bond, it said. The product caters to the requirements of a diversified group of contractors, many of whom are operating in today's increasingly volatile environment, he said while launching the product. Additionally, the statement said, there are two variants available

Order reserved on PIL against allowing Rs 2K note exchange without ID proof

The plea had also sought a direction to the RBI and SBI to make sure that Rs 2000 notes are deposited in respective bank accounts only, so that people having black money could be identified

Jet Airways case: NCLAT to pass order on JKC's plea against SBI on May 30

In the Jet Airways case, appellate tribunal NCLAT on Monday said it will pass the order on May 30 on the winning bidder Jalan Kalrock Consortium's plea seeking to restrain lead lender SBI from encashing performance bank guarantees worth Rs 150 crore. Amid continuing differences between lenders of bankrupt-Jet Airways and the consortium, the appellate tribunal also asked both parties to cooperate with each other for implementation of the resolution plan for the airline. Debt-ridden Jet Airways, which flew for 25 years, shuttered operations on April 18, 2019. The insolvency resolution proceedings against the carrier began in June 2019 and the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the consortium in June 2021. However, the plan is yet to be implemented, resulting in uncertainty over the future of the once-storied carrier. On Monday, a two-member bench of the National Company Law Appellate Tribunal (NCLAT) concluded its hearing on the interim ...