State Bank of India (SBI) may carry out a planned Rs 10,000 crore sale of infrastructure bonds in the market this week, with the securities likely to be of 15-year maturity, sources told Business Standard. SBI, the country's largest bank, had last week said its board had approved the issuance of infrastructure bonds in the current fiscal year. It, however, had not mentioned the maturity of the bonds or when the sale would take place.
Among the Sensex firms, IndusInd Bank was the biggest loser and fell 6.13 per cent, followed by SBI (3.99 pc), Hindustan Unilever (3.82 pc), Axis Bank (3.41 pc) and HDFC Bank (3.23 pc). In contrast, Sun Pharma, Bharti Airtel, ICICI Bank and PowerGrid defied the trend and closed with gains of up to 3.67 per cent. TCS and Bajaj Finserve were the other gainers.
UCO Bank mulls AT1 offering to raise Rs 1,000 cr.
Despite rising interest rates, leading home loan players SBI and HDFC have announced discounted interest rates beginning at 8.40 per cent as part of their festive offerings. SBI in a statement said that its home loan book has topped the Rs 6 lakh crore mark, a first in the industry. The leading lender said it is offering up to 25 bps discount on interest rate to new home loan borrowers, making the entry level rate at 8.40 per cent and the offer will run up to January 31, 2023.
Among Sensex shares, State Bank of India, NTPC, UltraTech Cement, Mahindra & Mahindra, Bajaj Finance, Tata Motors, Maruti and ITC were the biggest winners. On the other hand, Asian Paints, Tata Steel, Axis Bank, JSW Steel, Tech Mahindra and Tata Consultancy Services were among the laggards.
'SBT's merger with SBI could lead to closure of several branches and hurt employment opportunities.'
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
State Bank of India (SBI) on Monday raised its benchmark lending rates by up to 50 basis points (or 0.5 per cent), a move that will lead to an increase in EMIs for borrowers. The increase in lending rate comes days after the Reserve Bank of India hiked its benchmark lending rate by 50 basis points to tame inflation. External Benchmark based Lending Rate (EBLR) and Repo-Linked Lending Rate (RLLR) have been raised by 50 basis points while the hike in Marginal Cost of funds-based Lending Rate (MCLR) is 20 basis points across all tenure.
Top gainers in the Sensex pack included Kotak Bank, HCL Tech, HUL, TCS, Bharti Airtel, Asian Paints, Bajaj Finance and SBI, while Reliance Industries, Tech Mahindra, ICICI Bank and Infosys ended with losses.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
Analysts expect banks with a strong deposit franchise to benefit from SBI's rate cut as they too are likely to follow the leader.
Credit card spending in September recorded strong growth of 25 per cent year-on-year (Y-o-Y), marking the highest increase in six months. Even as many banks saw higher slippages during the July-September quarter of 2024-25, spending growth exceeded 20 per cent for the first time since February. According to the latest data released by the Reserve Bank of India (RBI), September spending reached Rs 1.76 trillion, compared to Rs 1.42 trillion in the same period a year ago. In August 2024, credit card spending was Rs 1.68 trillion.
State Bank of India has become the first Indian bank to start commercial operations in China, confident of tapping and aiding the booming trade and commercial linkages between the two Asian giants.
State-run lenders will take a lead in creation of the bad bank, but the sick asset resolution platform needs the support of private banks and other lenders to be successful, State Bank of India managing director Swaminathan J said on Thursday. If all lenders come on board, the National Asset Reconstruction Company (NARC) announced in the budget will be able to aggregate 100 per cent of a sick company's outstanding loans, which shall ultimately lead to better resolution of the asset quality stress for all. The government is yet to announce the specific contours of the NARC or the bad bank and has also only said that it is willing to provide some sovereign guarantee to help the platform.
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).
State Bank of India has entered into an alliance with HDFC Bank for sharing ATM networks to be operationalised from February 3 this year.
The SBIF Asha Scholarship Programme for Overseas Education 2024-25 aims to provide financial assistance to meritorious students from low-income families across India, ensuring the continuity of their education.
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
YES Bank, Bank of Baroda, SBI, IndusInd Bank, and RBL Bank are amongst the banks, Jefferies says, are most prune to "high risk" emanating from ADAG, Cox & Kings, CG Power, DHFL and Essar Shipping.
Yes Bank said it has received approval from the Capital Raising Committee of the Board of Directors of the Bank for raising funds by a way of FPO.
State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the National Stock Exchange Nifty Bank Index. IndusInd Bank and AU Small Finance Bank could see maximum outflows. The rejig of the Nifty CPSE Index will result in inflows in Oil and Natural Gas Corporation, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
After securing a euro 150 million Credit line for solar energy finance from a German financial institution, State Bank of India is in talks with european Investment Bank for about euro 200 million to fund climate finance. Recently the country's largest lender obtained euro 150 million in green funding from German government-owned KFW on soft terms and a long repayment period. SBI will use funds to finance solar energy projects.
Poor earnings show in the September quarter (Q2FY24), with hints of likely weakness in asset quality going ahead, forced analysts to cut earnings estimates of SBI Cards and Payment Services (SBI Card). On the bourses, shares of the State bank of India arm tumbled 7.4 per cent to Rs 732 apiece on the BSE in the intraday trade as investors factord in near-term concerns. Analysts at Motilal Oswal Financial Services, for instance, slashed SBI Card earnings by 8 per cent and 10 per cent for FY24 and FY25, respectively, as they expect the company to face pesistent magin pressure.
Country's biggest lender State Bank of India had proposed merger of five associate banks.
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.
Indian banks are the 2nd-fastest-growing ones.
'When we look at the quality of our retail loan book, the non-performing asset percentage is low.'
The country's largest lender State Bank of India (SBI) has put in place new rules wherein a woman candidate with more than three months pregnancy will be considered "temporarily unfit" and can join the bank within four months after delivery. The move has elicited criticism from some quarters, including from the All India State Bank Of India Employees' Association. In its latest medical fitness guidelines for new recruits or promotees, the bank said a candidate would be considered fit in case of pregnancy which is less than 3 months.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
The Supreme Court on Friday declared JSW Steel Limited's resolution plan for Bhushan Power & Steel Limited (BPSL) "illegal" and ordered the latter's liquidation, four years after the company was acquired by JSW Steel under the Insolvency and Bankruptcy Code (IBC). Following the ruling, JSW Steel shares fell sharply.
The argument that India is going towards a 'Hindu rate of growth' is "ill-conceived, biased and pre-mature" when weighed against the respective data on savings and investments, said SBI Research in its Ecowrap report. The term Hindu rate of growth was coined by economist Raj Krishna in 1978, which denoted the economic growth of about 3.5-4.0 per cent in terms of GDP during 1947-1980. "India's quarterly sequential Y-o-Y GDP growth has been in a declining trend in FY23.
SBI is expected to mop up almost $202 million via the share sale.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Clearing operations and other transactions were partially affected in around 5,000 branches of State Bank of India's six associate banks on Tuesday after their employees went on a nationwide strike to press various demands.
The Supreme Court on Thursday exercised its extraordinary constitutional powers and ordered the liquidation of grounded air carrier Jet Airways' assets. A bench of Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra set aside the National Company Law Appellate Tribunal (NCLAT) decision upholding the resolution plan of Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium (JKC).
India's largest PSU bank, State Bank of India, delivered excellent results, once the impact of a big jump in employee expenses was adjusted for. The net interest income (NII) beat the Street due to a better net interest margin (NIM) and good loan growth. The credit growth at 5.2 per cent quarter-on-quarter (Q-o-Q) (15 per cent year on year) was excellent for a large bank.
State Bank of India will merge its seven associate banks in the next two years to form a consolidated "mega" banking entity, A K Purwar, chairman, SBI said on Thursday.
The State Bank of India is likely to finalise the acquisition of two banks in Asia and Africa in six to eight weeks, its chairman A K Purwar said on Tuesday.
Backed by their strong physical presence across the country, UTI Mutual Fund and SBI Mutual Fund (MF) have managed to mobilise a higher proportion of their total assets under management (AUM) from towns and villages than their peers. Data compiled by Nuvama Institutional Equities shows that UTI MF and SBI MF are the only two major fund houses with over a fifth of their AUM coming from areas beyond the top 30 cities (referred to as B-30). UTI MF tops the chart with 23.8 per cent of its assets belonging to B-30 centres, followed by SBI MF with 21.2 per cent B-30 assets. The industry average stands at 17 per cent.
