'Look not just at the interest rate but also the processing fee.'
SBI Cards, like most other credit card issuers in the country, suffered losses during the financial crisis of 2008-09 due to sharp increase in delinquencies. The company, a joint venture between State Bank of India and GE Capital, turned profitable in 2010-11. Kadambi Narahari, chief executive officer, shares the strategy to grow the company's cards business in coming years.
State Bank of India is set to cross the 5,000 mark in number of ATMs installed in the country.
Credit card spending dropped 11 per cent sequentially in November at Rs 1.15 trillion, but topped Rs 1 trillion for the ninth month straight, data from the Reserve Bank of India (RBI) showed as the festive season ends and consumption activity slows down. Year-on-year (YoY), spending was up 29 per cent. Card spends have consistently topped the Rs 1 trillion mark, led by the rising share of e-commerce transactions.
When billionaire Warren Buffet started his first fund in 1956 with eleven investors, he invested a token amount of $100 of his own money as "skin in the game". Buffet denies it but he is credited with coming up with the term describing those running a fund risk some of their own money in it. The mutual fund (MF) industry has more than Rs 81,200 crore riding on its schemes, shows a Business Standard analysis of data on sponsor and associate contributions from the Association of Mutual Funds in India (Amfi).
To achieve this, the bank plans to hire 15,000 business correspondents, who will help people in the rural areas to open bank accounts.
Indian banks are the 2nd-fastest-growing ones.
SBI cuts priority sector lending rates by 50bps
The key risk factors would be anti-incumbency, small vote share swings causing large impact on outcomes and the 2004 example.
The interest money which is not claimed by people due to religious obligations is kept in suspended bank accounts.
After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month. Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.
The IL&FS management is also talking to its second-largest shareholder, Orix Corporation of Japan, to infuse more funds into the company - in case any shareholder backs out during the rights issue.
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
GE Money India is looking for a strategic partner to drive scale just as it did with the State Bank of India (SBI) for its card business. It is trying to replicate its card model in its joint venture with Wizard Home Loans, a non-banking finance company from Australia.
NPAs, cost, fee income, productivity, HR reorientation are focus areas; schedules drawn for addressing all from weeks to a year.
Net profit was Rs 1,115 crore
State Bank of India (SBI) is asking prospective partners for its general insurance foray to pay it Rs 300 crore (Rs 3 billion) to Rs 350 crore (Rs 3.5 billion) as entry premium, insurance industry sources said.
While Chanda Kochhar got a pay of Rs 2.66 crore, Arundhati Bhattacharya took home only Rs 28.96 lakh
Against an offer of 4.55 crore shares of Adani Enterprises Ltd, only 4.7 lakh were subscribed, according to information available from the BSE. Adani Enterprises fell almost 20 per cent to below the offer price of its secondary sale as all the seven listed companies of the conglomerate took a beating in the aftermath of Hindenberg Reserach alleged that the group was "engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades".
Ulhas Joshi, Head -- Sales, Rank MF, a mutual fund investment platform, answers your queries.
XLRI Jamshedpur School of Business & Human Resources invites applications for XAT and the Academic programmes of XLRI for the year 2008. XAT is also used by 41 other Management Institutes for Admission.
SBI was the top gainer after it reported lower-than-expected rise in bad loans
SBI Life Insurance on Wednesday hiked its paid-up capital to Rs 250 crore (Rs 2.5 billion) from Rs 175 crore (Rs 1.75 billion) and foreign equity in the company may go up to 49 per cent if the government hikes the foreign direct investment limit in
In FY23, the State Bank of India (SBI) reported a 57.4 per cent jump in its net profit to Rs 55,684.17 crore. But the chairman of the country's largest bank, Dinesh Khara's annual pay for this creditable performance was just Rs 37 lakh (his peers at state-run banks are no better off). Look at his private bank rivals - most pocketed in excess of Rs 7 crore annually - plus stock options.
The country's largest commercial bank State Bank of India is likely to go for stake sale by December as a part of its efforts to mobilise Rs 50,000 crore (Rs 500 billion) in the next three years.
SBI sources said the other reason to clean up the balance sheet was to avoid any embarrassment at a later stage, when stressed assets would be thrown up by technology.
Banks led by State Bank of India are set to lower deposit rates by over 50 basis points by the middle of the month, followed by a reduction in lending rates.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
The Congress-led opposition stepped up its attack on Friday against the government over the Adani row and demanded that there should be a thorough investigation into what they alleged was a 'mega scam' as it involved public money.
The benefit coming in from the Rs 1.45 lakh crore tax giveaways will also help companies to cut prices by up to 5 per cent to boost consumer demand, which has been sagging and is one of the prime reasons for the deepening slowdown.
SBI, which has been operating in the UK for 95 years, said it is prepared to set aside 100 million pounds in ring-fenced capital and restructure its operations if that is necessary to keep operating on the high streets.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
The Reserve Bank of India (RBI) is likely to reiterate its view that it would be comfortable only with holding companies at the top in financial services groups when it releases final guidelines on setting up bank holding companies or financial holding companies by November 15.
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