Raising the issue during Zero Hour, he said SBI has signed an MoU pledging one of the single largest loans to a corporate house despite five international banks refusing to lend to the Adani project.
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.
rediffGURU Samkit Maniar answers readers' personal income tax queries
SBI has over Rs 1,500-crore (Rs 15-billion) of exposure to Kingfisher.
Pratip Chaudhuri, SBI chairman, feels that the airlines should bring the amount to the table.
Arundhati Bhattacharya, the chairperson of country's largest bank SBI, has been named as the most-powerful woman in business in India by Fortune magazine.
Tata Consultancy Services and State Bank of India on Monday launched a joint venture to provide advanced technology solutions and world-class domain consulting for the banking and financial services sector.
'We will infuse the next tranche of recapitalisation by mid-December. Close to Rs 42,000 crore remain to be infused as capital in public sector banks in the current financial year,' a senior finance ministry official said.
The country's largest lender SBI on Thursday reported a 4.20 per cent decline in consolidated December quarter net at Rs 6,257.55 crore, largely because of a higher base in the year-ago period where it had benefitted from a Rs 4,500 crore one-off income. On a standalone basis, the city-headquartered lender's net profit came in at Rs 5,196.22 crore as against Rs 5,583.36 crore in the year-ago period and Rs 4,574.16 crore in the preceding September quarter. SBI chairman Dinesh Kumar Khara told reporters that the year-ago period had seen the resolution of the Essar Steel loans, resulting in an over Rs 4,000 crore interest income and Rs 500 crore other income benefit.
State Bank of India expects decent growth in FY16.
Systemically important banks are subjected to higher levels of supervision to prevent disruption to financial services in the event of any failure.
SBI's net profit for the quarter rose 30.3% to Rs 2,910 crore ($468.4 million), from Rs 2,234 crore a year earlier on the back of rise in net interest income, fees, and control on employee costs.
The country's largest lender State Bank of India will get the largest sum of Rs 8,800 crore as government's capital infusion.
According to SBI executives, the aim is to do things efficiently with an eye on profitability, and get a feedback on areas, including which business to enter and which to exit.
National Hydroelectric Power Corporation, the central power utility, has shortlisted five merchant banks for its initial public offering likely to hit the market in first quarter of FY08.
India's largest public sector lender State Bank of India has put on hold the financing of new tractors and other capital equipment, a move that can have an impact on agriculture sector, a priority area for the government.
The mutual fund (MF) industry had an action-packed 2023 as it tackled the scrapping of tax benefits for debt fund investors and surging flows into equity funds.
Contactless card transactions can be up to three times faster than cash payments
Contactless card transactions can be up to three times faster than cash payments
In the Sensex pack, HCLTech rose the maximum by 3.12 per cent, followed by ITC which gained 2.73 per cent and M&M went up 2.61 per cent. TCS climbed 2.44 per cent. Tech Mahindra, Wipro, L&T and Maruti were among the other major gainers.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
The bank has fixed an issue price of Rs 1,782.74 per share for a preferential stock allotment to the government as part of the capital infusion plan for this fiscal. The SBI board had approved the preferential allotment in October.
Trading in stock markets this week will be majorly influenced by the upcoming quarterly earnings from IT majors TCS and Infosys, along with global trends, analysts said. Besides, global oil benchmark Brent crude, rupee-dollar trend and trading activity of foreign investors would also dictate the movement, they said. "On the domestic front, all eyes will be on the beginning of corporate performance for the third quarter of the current fiscal year.
Harvard-educated Piramal is also in the boards of several companies, including Piramal Life Sciences, SBI Capital Markets Ltd and Prudential ICICI Management.
EPFO's advisory body FIC on Thursday shortlisted five entities --ICICI Securities, Reliance Capital, HSBC Asset Management Company, SBI and ICICI Prudential -- for managing its corpus of Rs 3.5 lakh crore (Rs 3.5 trillion).
SBI's gross NPA figures have shown a decline for three consecutive quarters.
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.
Operating margins have been the primary driver of corporate earnings in India in recent quarters, despite revenue growth suffering from weak consumer demand. Companies across sectors have reported a sharp improvement in earnings before interest, tax, depreciation, and amortisation (Ebitda) margins over the past two years, benefiting from lower commodity and energy prices. Higher margins more than compensated for slower revenue growth, resulting in double-digit growth in net profit for five consecutive quarters.
The broader NSE Nifty jumped 57.25 points or 0.49 per cent to close at 11,844.10.
SBI raised Rs 8,032 crore (Rs 80.32 billion selling 5.13 crore shares through a QIP in January.
This is in addition to the $3 billion (around Rs 15,000 crore) infrastructure fund being set up in association with the Macquarie group and International Finance Corporation. Though SBI would be a late entrant to the private equity space, Bhatt was confident that it would not be a deterrent.
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.
After the success of the National Highways Authority of India's (NHAI's) first infrastructure investment trust (InvIT) with foreign institutional investors, the Centre is working on a proposal to launch a fresh InvIT for national highways, where domestic retail investors can hold units of the trust
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
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.
rediffGURU Ramalingam Kalirajan answers your personal finance queries.
"Lending to India is the highest in the region with $3.3 billion via 11 loans, accounting for 22.1 per cent of total volume in 2009," the report said
In what could be the country's biggest rights issue, State Bank of India has approached the government for permission to raise Rs 20,000 crore during the current financial year to finance its expansion.
HDFC Bank's latest shareholding data showed that the room for foreign investment has fallen just 5 basis points short of the threshold set by Morgan Stanley Capital International (MSCI) to fully include the stock in its indices. Currently, the index provider has applied an adjustment factor of 0.5 since the foreign room is less than 25 per cent. Removal of the adjustment factor will result in inflows of a massive $4.8 billion (Rs 40,000 crore) into HDFC Bank, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
"We humbly request to you to alleviate some of the hardships that we and engineers have been facing, by ensuring that the new Jet management does not further delay our pending salaries dues at the earliest," NAG general secretary Tej Sood said in an e-mail to SBI chairman Rajnish Kumar.
