India Inc, which is sitting on cash balances of 13.5 trillion, is using the funds to meet capital expenditure as well as brownfield expansion, resulting in 'anaemic' demand for bank loans, State Bank of India (SBI) chairman CS Setty said at an event on Monday. He added that a slowdown in corporate credit is mainly due to lack of demand.
State Bank of India on Saturday reported an all-time high profit of Rs 21,028 crore in December quarter FY26 on a standalone basis.
'Credit growth in India remains in double digits, even though corporate borrowing is subdued.' 'Corporate credit is weak because companies are cash-rich and cautious amid global uncertainty.'
It will enable real-time intel sharing among banks and other financial sector participants to strengthen customer protection against digital fraud.
The country's largest lender SBI is open to collaborating with foreign banks once the Reserve Bank makes it possible for local banks to do acquisition finance, its chairman CS Setty said on Tuesday. Speaking to reporters, weeks after the central bank announced its intent to allow Indian banks to fund companies for executing domestic acquisitions, Setty acknowledged that the "MNC (multinational companies) banks" are dominant in the space.
State Bank of India has embarked on a drive to cut the Know Your Customer (KYC) process to a single one across its branches, a top official said on Tuesday.
Sanjay Malhotra has made structural changes to banking regulation to bring down costs and increase efficiency. Plus, he kicked off a benign interest regime. But there are challenges ahead.
'You will see him frequently asking customers -- especially retail -- about service experience, pain points, areas of improvement and suggestions.'
The government on Tuesday appointed C S Setty as chairman of the country's biggest lender State Bank of India (SBI) for a period of three years. Setty, currently senior most MD of the bank, will replace incumbent chairman Dinesh Kumar Khara on August 28.
The country's biggest lender, State Bank of India (SBI), plans to hire around 3,500 officers to bolster its operations and enhance service delivery nationwide.
The Reserve Bank is unlikely to ease the benchmark policy rate during 2024 given the uncertainty over food inflation, State Bank of India (SBI) chairman C S Setty has said. The US Federal Reserve's first cut in interest rates in more than four years is expected soon, triggering central banks in other economies to follow suit. "On the rate front, a lot of central banks are taking independent calls.
The Reserve Bank of India (RBI) on Wednesday met the long-standing demand of banks by allowing them to finance acquisitions by Indian companies, a move that also expands banks' capital market lending in the country.
'Corporates now have multiple funding sources beyond banks, and many are sitting on large cash reserves.'
It is to be seen if SBI under Setty, who will have a three-year term, can ride the economic cycle to take SBI to new heights, navigating some of these challenges.
Last fortnight, State Bank of India Chairman C S Setty lifted the veil on a subject long spoken of in corporate corridors: Why can't our banks finance mergers and acquisitions (M&As)? Change is in the air: Indian Banks' Association (of which Setty is the chairman) is to "make a formal request" to Mint Road to make way for it. Thus far the exclusive turf of foreign banks even though its funding remains offshore - as in, it's not on these entities rupee-book (and a few select shadow banks) - a most lucrative segment in the investment banking suite, M&As, will be homeward-bound.
Country's largest lender State Bank of India (SBI) is looking to be among 10 top global banks in market capitalisation terms in the next five years, chairman CS Setty said on Wednesday. "The scope for value creation for the stakeholders is potentially very high. So the larger ambition is if the market supports whether we can be part of the top 10 global banks in terms of the market capitalisation (five years)," he said after listing of shares issued under Qualified Institutional Placement (QIP) at NSE.
The country's largest lender State Bank of India on Wednesday announced the completion of the divestment of about 13.18 per cent stake in Yes Bank to Sumitomo Mitsui Banking Corporation of Japan for Rs 8,888.97 crore. State Bank of India (SBI) has received Rs 8,888.97 crore from the acquirer Sumitomo Mitsui Banking Corporation (SMBC), a Japanese multinational financial services company belonging to the Sumitomo Mitsui Financial Group (SMFG), the bank said in a regulatory filing.
At a time when banks are finding it challenging to mobilise resources, State Bank of India (SBI)-the country's largest lender-has devised a three-pronged strategy to boost deposit accretion. First is an aspirational product that promises to make depositors lakhpatis by helping them grow their deposits to Rs 1 lakh through recurring deposit (RD) schemes.
Despite sharp interest rate cuts expected in this financial year amid easy liquidity conditions, state-run banks are treading cautiously on their loan growth projections for FY26. Most large banks are projecting loan growth at 11-13 per cent, almost similar to the previous financial year.
State Bank of India (SBI) - the country's largest lender - has unveiled two new schemes to boost deposit mobilisation at a time when most banks are facing challenges in raising resources. The first is 'Har Ghar Lakhpati,' a pre-calculated recurring deposit (RD) scheme designed to help customers accumulate Rs 100,000 or multiples thereof and develop a savings habit.
SBI on Friday reported a 23 per cent on-year jump in consolidated net profit at Rs 19,782 crore for the quarter ended September 30, 2024. The consolidated net profit for the corresponding period last year stood at Rs 16,099 crore.
Industry leaders on Thursday mourned the death of Ratan Tata saying with his demise India has lost a visionary who shaped its industrial and philanthropic landscape. Tata was a truly remarkable business leader who placed the country before business interests, and whose vision was truly transformational for a country and its people, TVS Motor Co Chairman Emeritus Venu Srinivasan said in a statement. "Mr Tata was a truly remarkable business leader, the likes of whom nations get only once in a century," he added.
Union Finance Minister Nirmala Sitharaman on Monday said people are finding current interest rates "very stressful" and urged banks to make them affordable. Speaking at an event organised by State Bank of India, the finance minister said that at present, India requires industry to ramp up and invest in new facilities, and added that lowering lending rates can help achieve the "Viksit Bharat" aspiration.
At least 13 candidates are in the race for the position of managing director and chief executive officer (MD & CEO) of Punjab National Bank (PNB), the second-largest public sector bank (PSB), according to multiple sources familiar with the matter. "Among the candidates, some are executive directors (EDs) and managing directors in major PSBs. "Financial Services Institutions Bureau (FSIB) will conduct the interviews next month," said a source.
'The FSIB will conduct interviews for the SBI chairman position on May 21-22 as the tenure of the current chairman Dinesh Kumar Khara is scheduled to end by August.'
The arson in Amalapuram, headquarters of the new district, on Tuesday allegedly by those opposed to the name change is, thus, suspected by local political observers to be a result of 'political machinations' of 'vested interests.'
The high court also directed that engineers involved in shoddy constructions using public money be brought to book.
The first quarter of calendar 2023 will see new faces heading four large public-sector banks -- Canara Bank, Bank of Baroda, Indian Overseas Bank, and Bank of India.
But what do banks gain by opening their apps for all? The answer -- rival bank's customers under their fold.
India saw growth of around 213 per cent in the number of real-time payments processed over the past year.
Former Karnataka Chief Minister B S Yeddyurappa and his family members on Saturday appeared before a Central Bureau of Investigation court here in connection with a case of alleged kickback in illegal mining.
Khara will replace SBI Chairman Rajnish Kumar, whose three-year term comes to an end on October 7.
The Central Bureau of Investigation court in Bangalore on Monday granted bail to former Chief Minister B S Yeddyurappa, his two sons and son-in-law besides nine others in an illegal mining kickback case.
The Lokayukta Court on Saturday issued summons to former Karnataka chief minister B S Yeddyurappa and five others to appear before it on March 3 for their alleged involvement in an illegal land denotification case. Besides Yeddyurappa, Lokayukta Judge N K Sudhindra Rao also issued summons to Yeddyurappa's sons B Y Raghavendra, B Y Vijayendra, his son-in-law R N Sohan Kumar, former minister Krishnaiah Setty and directors of Dhavalagiri Properties Limited.
But Ilaiyaraja's tune pretty much stick rural formula fare.
In a pre-dawn attack, heavily armed Maoists blew up a railway station and abducted three railway employees in Orissa's Sundargarh district, about 80 km from Rourkela on Tuesday.
Force India's Adrian Sutil lapped quickest in free practice for the Italian Grand Prix on Friday while former team-mate Giancarlo Fisichella was slowest on his first day as a Ferrari driver.
This process of aligning the organisation goals is called Hoshin.
The BJP released the list a day after its central election committee met to finalise the names of its candidates for the high-stakes election.
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