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Need active participation of pension, mutual funds in corp bond market: SBI

State Bank of India chairman C S Setty on Wednesday called for active participation by mutual funds and pension funds in the corporate bond market. "I am sure that a lot of corporates would like to issue bonds. I believe that if household/corporate savings are finding ways into these three investment categories, it is important that insurance and mutual funds also actively participate in the corporate bond market. I don't see that kind of participation actively coming in," Setty said. He said the pension/ mutual funds are making investments in AAA-rated bonds and this is not going to help deepen the corporate bond market. Setty said the corporate bond market has to come into financing of infrastructure as well as balance sheet funding of corporates. He said the investments are happening not only in equity but also in mutual funds, pension funds and insurance funds. "We have been debating on depth of the corporate bond market for many years. We could not achieve that depth," Setty

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

Mcap of 8 of 10 most-valued firms erode Rs 1.65 trn; SBI, HDFC top losers

Eight of the top-10 most valued firms together lost Rs 1,65,180.04 crore from market valuation in a holiday-shortened last week, with HDFC Bank and State Bank of India taking the hardest hit in line with a weak trend in equities. Last week, BSE benchmark Sensex fell by 1,906.01 or 2.39 per cent. Equity markets were closed on Friday for Guru Nanak Jayanti. "Mounting concerns over rising CPI inflation and persistent disappointments in corporate earnings weighed heavily on sentiment," Ajit Mishra SVP, Research, Religare Broking Ltd, said. The valuation of HDFC Bank tanked by Rs 46,729.51 crore to Rs 12,94,025.23 crore. State Bank's market valuation eroded by Rs 34,984.51 crore to Rs 7,17,584.07 crore. The valuation of Hindustan Unilever slumped Rs 27,830.91 crore to Rs 5,61,329.10 crore, and that of Reliance Industries declined by Rs 22,057.77 crore to Rs 17,15,498.91 crore. The market capitalisation (mcap) of ITC dived Rs 15,449.47 crore to Rs 5,82,764.02 crore, and Bharti Airtel

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.

Mcap of 6 of top 10 most valued firms up Rs 1 trn; State Bank, ICICI on top

The combined market valuation of 6 of the top-10 most-valued firms surged Rs 1,07,366.05 crore last week, with State Bank of India and ICICI Bank becoming the biggest gainers. Leading stock exchanges BSE and NSE conducted a one-hour special 'Muhurat Trading' session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081. Last week, the BSE benchmark climbed 321.83 points, or 0.40 per cent. While Reliance Industries, ICICI Bank, State Bank of India, ITC, Hindustan Unilever, and Life Insurance Corporation of India (LIC) were the gainers, Tata Consultancy Services (TCS), HDFC Bank, Bharti Airtel, and Infosys faced erosion from their market valuation. The valuation of State Bank of India jumped Rs 36,100.09 crore to Rs 7,32,755.93 crore. ICICI Bank added Rs 25,775.58 crore to Rs 9,10,686.85 crore in its market valuation. LIC's valuation surged Rs 16,887.74 crore to Rs 5,88,509.41 crore and that of Reliance Industries soared Rs 15,393.45 crore to Rs 18,12,12

SBI Mutual Fund hikes 2.85% stake for Rs 900 cr in KPR Mill, now holds 7.7%

SBI Mutual Fund on Wednesday hiked its stake in KPR Mill to 7.74 per cent by snapping up additional 2.85 per cent shares worth over Rs 900 crore through an open market transaction. According to the bulk deal data on the BSE, SBI Mutual Fund bought 97.35 lakh shares or 2.85 per cent stake in apparel manufacturing company KPR Mill. The shares were picked up at an average price of Rs 925 apiece, taking the transaction value to Rs 900.54 crore. After the stake buy, SBI Mutual Fund's holding in KPR Mill has been increased to 7.74 per cent from 4.89 per cent. Details of the other buyers of KPR Mill's shares could not be identified on the BSE. Meanwhile, KP Ramasamy, one of the promoters of KPR Mill sold 1.05 crore shares or 3.07 per cent stake in the company at an average price of Rs 925.12 apiece. This took the deal value to Rs 971.38 crore. After the transaction, KP Ramasamy's stake has come down to 18.3 per cent from 21.37 per cent. Additionally, the combined stakeholding of promot

SBI aims to become first financial firm to cross Rs 1 trn profit: Chairman

State Bank of India (SBI) is aiming to become the first Indian financial firm to cross a milestone of Rs 1 lakh crore net profit in the next 3-5 years, chairman of the country's largest lender C S Setty has said. SBI recorded a standalone net profit of Rs 61,077 crore in FY24, registering a growth of 21.59 per cent. "We have potential. Definitely, we would like to be the first company in India to reach that milestone," Setty said when asked if it is possible to cross Rs 1 lakh crore in the next 3-5 years. However, he said, "while profits, market capitalization etc are extremely important elements for our organization, we give equal thrust on customer-centricity and it acts as a fundamental aspect of our operations." With regard to corporate loan demand, Setty said, the bank has already got a Rs 4 lakh crore strong credit pipeline from India Inc and capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of inter

SBI has Rs 4 trn credit pipeline, pvt capex to pick up: Chairman C S Setty

SBI Chairman C S Setty has said the bank has already got Rs 4 lakh crore strong credit pipeline from India Inc and expressed hope that capital expenditure by the private sector is expected to pick up in the second half of the fiscal year. "We see a good amount of interest in private capital expenditure. The infrastructure financing, of course, is mainly coming from the roads, renewable energy, and some of the refineries," he told PTI in an interview. As far as public spending is concerned, Finance Minister Nirmala Sitharaman in the Budget proposed to raise the capital expenditure target by 11.1 per cent to record Rs 11.11 lakh crore for 2024-25. This is 3.4 per cent of the country's GDP. Setty said some of the corporates had undertaken brownfield expansion for which the capital expenditure was funded by their own cash accruals and cash balances that they had. However, he said, "We now see some of the corporates drawing the term loans for brownfield expansion too." "We have a pipel

SBI to focus on neglected, small-ticket deposits to boost liquidity: MD

The lender will focus on accounts under a government scheme called 'Jan Dhan', or people's wealth, that provides access to various financial services to low income groups, Tewari said

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

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

State Bank of India invites EoIs for stressed exposure in Amul Industries

Entities submitting EoIs will be allowed to conduct due diligence on the asset by August 5, following which binding bids will be invited during the e-auction on a 100 per cent cash basis

SBI announces 11 new initiatives to mitigate risks in agri loan portfolio

The country's largest lender SBI on Thursday announced 11 new initiatives -- including enhancement of its digital banking features and opening of 35 new Agricultural Centralised Processing Cells -- to mitigate risks in its agricultural loan portfolio. On the occasion of the 69th Foundation Day, State Bank of India announced these initiatives to widen the bank's accessibility to address the banking needs of its potential customers, the lender said in a statement. SBI has enhanced its digital payment experience, with the introduction of two exciting features like tap-and-pay on the BHIM SBI PAY app and end-to-end digital loans against mutual funds on the YONO app, it added. The bank has also announced an initiative, which is a fully digital end-to-end journey for SBI Surya Ghar Loan, it said, adding that the users can opt for credit to install solar rooftops under the central government's PM Surya Ghar Scheme, offering loans for up to 10 KW capacity. The entire process will be manage

SBI to raise up to Rs 20,000 cr via long-term bonds to fund infra projects

The bonds to be issued in tranches depending on market conditions

Muthoot Microfin enters into strategic co-lending partnership with SBI

Muthoot Microfin on Thursday said it has entered into a strategic co-lending partnership with the State Bank of India (SBI). Under the agreement, Muthoot Microfin and SBI will co-lend to members of Joint Liability Groups (JLGs) who are engaged in agricultural and allied activities as well as other income-generating enterprises. The loan amounts will range from a minimum of Rs 10,000 to a maximum of Rs 3 lakh. With this collaboration, Muthoot Microfin Limited aims to extend its financial services to women entrepreneurs in rural and semi-urban regions across India, the Kochi-headquartered microfinance firm said in a statement. "With this partnership, we will be able to offer wide range of products and services to our clients, most importantly it will help us in meeting the growing demand of our women entrepreneur clients in a cost-effective manner," Muthoot Microfin CEO Sadaf Sayeed said. Under the co-lending model, banks are permitted to co-lend with all registered NBFCs (including

SBI joins the Rs 8-trillion m-cap league; eyes $100 billion m-cap

In the last year, SBI is up nearly 55 per cent, while the Nifty PSU Bank index has almost doubled during the period

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

State Bank of India raises Rs 5,000 crore in capital via AT1 bonds

Fixes coupon at 8.34%, 24 bps higher than previous offering

SBI likely to issue perpetual bonds to wrap up FY borrowing: Report

Merchant bankers said the lender may have to pay a higher coupon as they are looking to raise a larger quantum this time

AGS Transact Technologies receives an order for 1,350 ATMs from SBI

The company received the order under its banking automation solutions portfolio; SBI to deploy these "AGS" branded ATMs during FY24