The 16th Finance Commission, led by Arvind Panagariya, has recommended maintaining the states' share in central taxes at 41% for the five-year period starting April 1, 2026. The government has accepted this recommendation, with Rs 1.4 lakh crore allocated to states for FY 2026-27 as Finance Commission Grants.
The country's biggest lender, State Bank of India (SBI), on Tuesday reported a 10 per cent improvement in standalone profit to Rs 20,160 crore in the quarter ended September 30, 2025.
The government has extended the tenure of the 16th Finance Commission by one month till November 30. The 16th Finance Commission was constituted by the government on December 31, 2023, with former Niti Aayog vice-chairman Arvind Panagariya as its Chairman.
The country's biggest lender SBI on Friday posted 12 per cent increase in standalone net profit at Rs 19,160 crore for the first quarter of the current financial year. The bank had earned a net profit of Rs 17,035 crore in the same quarter of previous fiscal year.
State Bank of India (SBI), India's largest lender, reported an impressive 84% jump in its standalone net profit for the December quarter, reaching Rs 16,891 crore. This is a significant increase from the Rs 9,164 crore earned in the same period last year. The bank's total income also grew to Rs 1,28,467 crore in Q3 FY24, compared to Rs 1,18,193 crore in the same period a year ago. SBI's asset quality improved as well, with gross NPAs declining to 2.07% at the end of December from 2.42% a year ago. Net NPAs also eased to 0.53% from 0.64% in the same period last year. On a consolidated basis, SBI Group's net profit rose by 70% to Rs 18,853 crore in Q3 FY24.
Commissions paid to mutual fund distributors (MFDs) increased by over 20 per cent for most large fund houses in 2023-24 (FY24), driven by a sharp market rally and strong inflows. The largest fund house, SBI Mutual Fund (MF), which now manages nearly Rs 10 trillion in assets, paid Rs 2,025 crore to its major distributors - 21 per cent higher than the Rs 1,675 crore payout in 2022-23 (FY23).
India's financial sector is dominated by large government-owned and private-sector banks.
State Bank of India (SBI) is planning to recruit over 15,000 people in 2024-25, increasing the strength of those in the field for marketing. The recruits will be also for deployment in the bank's operations subsidiary and expanding the branch network. The operations subsidiary - State Bank Operations Support Services - became functional last year.
The economy may grow by around 7 per cent this financial year as estimated by the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), say economists with various organisations. The first advance estimates for 2023-24 will be released on Friday by the National Statistical Organisation (NSO), an exercise done for calculating ratios such as the fiscal deficit. The interim Budget will be presented on February 1.
The country's largest lender State Bank of India (SBI) on Wednesday reported a 69 per cent jump in its consolidated net profit at Rs 8.889.84 crore for the second quarter ended September 30 on account of decline in bad loans. The bank's net profit was Rs 5,245.88 crore in the July-September quarter of previous fiscal, SBI said in a regulatory filing.
Exuding confidence in sustaining the tempo of credit growth, public sector bankers said on Wednesday that consolidation in the public sector bank (PSB) space has given them a robust base to scale. The privatisation of PSBs can be done through divestment of government stake to a wider base of investors without haste. There is nothing to worry about at this point (high credit offtake) as underwriting standards and risk management are much better.
Chief economist at State Bank of India has revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing "the way below GDP numbers for the first quarter". The National Statistical Office on Wednesday released the Q1 growth numbers which showed a consensus growth of 13.5 per cent, pulled down by the poor show of the manufacturing sector, which reported a paltry 4.8 per cent expansion in the first three months of FY23, negating the robust show by the services sector. Consensus forecast was 15-16.7 per cent of which the RBI made the highest forecast of 16.7 per cent.
Net job creation in the economy fell by 16.9 lakh in FY21 over the previous fiscal, shows an SBI Research analysis of EPFO payroll data. However, the FY21 numbers are better than the FY20 net job creation, which had declined by 28.9 lakh, further cementing the view that the economy is not creating new employment opportunities. The latest EPFO data shows that net new EPF subscribers stood at 94.5 lakh in FY21, and NPS added 5.82 lakh, taking the cumulative net addition to 100.4 lakh, which is marginally down from 102.3 lakh in FY20.
Studies on the Great Spanish Flu of 1918-19 show that rapid implementation of multiple non-pharmaceutical interventions, including closure of schools, churches, and theatres, can significantly reduce influenza transmission, but that viral spread will only be renewed on relaxation of such measures.
The Reserve Bank of India (RBI) is precariously balancing two opposing objectives - maintaining easy financial condition in the domestic market, while ensuring external stability - and economists have started taking note. They say India is going through the classic trilemma of the 'Impossible Trinity'. The RBI cannot have an independent monetary policy (setting domestic interest rates) in an environment of an open capital account and flexible exchange rates. What is even more complicated for the central bank now is that financial market stability overlays all the other three objectives.
The hoarding of cash accentuated from the very start of 2020, when the coronavirus pandemic started taking hold the world over, and fear of the pandemic prodded people to remain liquid for emergency use.
There are various estimates of India's debt to GDP ratio, but the consensus is that that it would be over 80 per cent at the end of the current fiscal year.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
The current employee strength of all state-run banks is about 672,000.
All shares held by SBI in the five associate banks will stand cancelled after merger.
Public sector banks have performed better than their private sector counterparts in customer service.
The central bank is the money manager of the government, and not a guarantor of any debt.
The rupee has depreciated 10.5 per cent against the dollar this year, making it Asia's worst-performing currency.
State Bank of India will dilute its holding in the seven associate banks to 51 per cent once the Parliament enacts a law in this regard paving way for them to enter the capital market.
India's largest commercial bank State Bank of India on Thursday reported a 12 per cent growth in net profit at Rs 1,215 crore.
While the farmers are not getting remunerative prices for their produce, at the same time they are forced to pay high prices for items they consume.
Economists have said if a stimulus is needed it should be different from what was provided in 2008-09, when the economy faced the ripple effects of a global meltdown following the Lehman Brothers collapse.
7 million jobs will be created in formal sector in FY18
Banks have as much as Rs 3,652 crore (Rs 36.52 billion) of unclaimed deposits lying with them, with the State Bank of India (SBI) alone accounting for about 15 per cent of the amount, the government informed Parliament on Friday.
The railways, the country's largest employer, will be hiring 127,000 people in 2018-2019, for which 23.7 million are competing.
The incoming government will have to encourage private investments, bring down cost of capital
Total income on a standalone basis increased to Rs 1,74,972.96 crore.
The battle for the takeover of MCFL has been going on for one year.
The bank is considering a share-purchase scheme for all employees.
'If you consider only demonetisation and GST as my government's work, it will be a big injustice to me.'
Slight recovery in growth is expected only in July-September.
As a step to protect its interest as a lender, SBI will look at the financial stability and corporate governance practices in companies where it has exposure.
The total provisioning for non-performing assets rose to Rs 3,428.59 crore (Rs 34.28 billion) during the December quarter, up from Rs 2,766.18 crore (Rs 27.66 billion) in the corresponding period last fiscal, SBI said in a filing on the BSE.
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