Data collated for 47 BSE50 companies (as of H1FY25) shows employees and workers filed 8,468 such complaints in FY24.
Indian banks have successfully weathered the mayhem that shook the financial world in 2008.
A State Bank of India (SBI)-led consortium that gave loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore. The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
Commemorating 75 years of India's independence, SBI has launched a 75-day Utsav Deposit Scheme, offering 6.10 per cent for fixed deposits. Senior citizens will get an additional 0.50 per cent and the offer is on until October 30, SBI said.
The country's GDP is likely to grow at 1.3 per cent in the fourth quarter of 2020-21 and may see a contraction of around 7.3 per cent for the full financial year, according to an SBI research report 'Ecowrap'. The e-National Statistical Office (NSO) will release the GDP estimates for the March 2021 quarter and provisional annual estimates for the year 2020-21 on May 31. "Based on our 'nowcasting model', the forecasted GDP growth for Q4 would be around 1.3 per cent (with downward bias) as against NSO (National Statistical Office) projection of a negative (-)1 per cent," the research report said.
Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
;The entire INDIA bloc, led by Rahul Gandhi, was against the bonds and they wanted the old system of cut money to rule over politics once again;
Congress general secretary in-charge communications Jairam Ramesh said "surprisingly" the prime minister is grounded in New Delhi on Wednesday and not travelling around the country for new "inaugurations", for rebranding, or for claiming credit for past work.
The country's largest lender, State Bank of India, has chalked out strategies to grow aggressively in overseas markets, especially Singapore, in this fiscal, a top SBI official said.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
Air India's debt recast plan has hit a deadlock with both the national carrier and banks continuing to stick to their stand even as the regulator has disapproved providing dispensation, thus only compounding the problem.
Mallya took a dig at Chaudhuri by saying, while the SBI chairman had all guns blazing on loan recovery, all his guns were blazing on restart and rehabilitation of the airline.
A day after the Reserve Bank of India announced a cut in bank rate, State Bank of India has reduced its prime lending rates and interest on domestic term deposits by 0.25 per cent across all maturities with effect from May 5.
Outgoing State Bank of India chairman Om Prakash Bhatt continued his defiance of the central bank on the teaser loan front saying 'the Reserve Bank never understood our special home loan product'.
For effecting the amalgamation, the government would first repeal the State Bank of Saurashtra Act, 1950 and thereafter amend the SBI Subsidiary Act, 1959 to remove references to the SBS Act wherever it occurs. The new Bill, to be introduced in Parliament soon, would be called the SBI Subsidiary Bank Amendment Bill, 2008.
SBI is the first major state-run bank to hike lending rates after short-term rates rose as a result of the Reserve Bank of India's liquidity tightening moves announced in July.
'This mega corruption scandal, as certified by the Supreme Court, will expose the unholy nexus between the BJP and its corrupt corporate masters'
Finance secretary Rajiv Kumar was positive in formation of a committee consisting all concerned to address the issues arising out of the proposed merger of 10 banks including preserving the identity of all the banks.
SBI is keen on big overseas acquisitions that will give it a 'strategic fit' along with new products and access to cheaper capital. SBI is not keen on small foreign banks worth a few millions, chairman O P Bhatt said.
According to him, the rural economy will play a critical role in the revival process.
Even though staff below the officers rank is not participating in the strike, but activity in the country's largest lender and its associate banks will be affected.
The most sought after exam for aspiring probationary officers will be held on Sunday, April 28.
State Bank of India (SBI) and Macquarie Capital Group said on Wednesday they intended to raise a new $2 billion fund that would invest in direct infrastructure investment opportunities in India.A memorandum of understanding was signed by SBI and Macquarie to manage the proposed fund. The International Finance Corporation (IFC), as one of the fund's cornerstone investors, will also have a stake in the proposed fund management company.
The officers of the country's largest lender State Bank of India have called off the proposed two- day nationwide strike as the officers' as the union has reached an agreement with the management.
Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
State Bank of India reported 544 cases of such frauds that caused a loss of Rs 191,295 lakh
The State Bank of India and its seven associate banks, have awarded a $ 29 million contract to Datacraft to implement the second phase of its nation-wide corporate network, Datacraft announced on Wednesday.
Rs 2.06 trillion, is the gross non-performing assets of Indian banks.
Benchmark equity indices Sensex and Nifty rebounded on Wednesday, propelled by bargain hunting in index majors Reliance Industries, ITC and SBI amid a largely firm trend in global equities. In a highly volatile trade, the 30-share BSE Sensex rebounded 89.64 points or 0.12 per cent to settle at 72,101.69. During the day, it jumped 390.62 points or 0.54 per cent to 72,402.67.
State-run banking giant SBI has said it temporarily exceeded RBI-prescribed credit exposure limit for the fourth year in a row in 2011-12 with regard to loans given to Mukesh Ambani-led Reliance Industries (RIL).
With a view to meet the growing needs of foreign customers, the State Bank of India has formulated an ambitious programme to expand its operations in many countries, including the United States and South Africa.
The man, son of retired SBI employees, had readied fake seals and challans of the public sector lender, and had other paraphernalia like a cash counting machine needed 'to run a bank branch', on an upper floor of his residence at Panruti, about 25 km from Cuddalore.
Following in the footsteps of other public sector banks, Mumbai-based Bank of India (BoI) On Tuesday cut its benchmark prime lending rate (BPLR) by 50 basis points to 12 per cent and there are indications that State Bank of India may lower rates by the end of the month.
As per the assessment done by the RBI, the gross NPA of the SBI was 11,932 crore more at Rs 1,84,682 as against Rs 1,72,750 reported by the bank. As a result the bank has to make additional provisioning of Rs 12,036 crore in the balance sheet.
Private equity major Carlyle group on Friday sold shares worth over Rs 4,800 crore in SBI Cards and Payment Services and its nominee stepped down from the company's board. CA Rover Holdings (CARH), a subsidiary of Carlyle group, offloaded more than 4.7 crore shares of SBI Cards and Payment Services Ltd (SBI Card) worth about Rs 4,811 crore through open market transactions on BSE and NSE. With the latest sale of shares, the group's shareholding in the company fell below 10 per cent, following which its nominee director on SBI Card's board -- Sunil Kaul -- stepped down.
As part of global expansion strategy, State Bank decided to open a branch at the Qatar Financial Centre, Doha and approached the regulator for necessary permissions three months back.
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