Tag for defaults on nearly Rs 7,000 cr loans to long-grounded Kingfisher Airlines
S Viswanathan is the new managing director of State Bank of India's associates and subsidiaries.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
The Reserve Bank of India's (RBI's) move to ban Mastercard from issuing new cards for not complying with the local data storage guidelines may hit five private banks, a non-bank lender, and a major card-issuing company. The impact is expected to be felt for a few months as these players transition to other card networks. According to Nomura Research, RBL Bank, YES Bank, and Bajaj Finserv are the ones most impacted by the ban as all their credit card schemes are allied to Mastercard. Among others, IndusInd Bank, Axis Bank and ICICI Bank have 35-40 per cent of their credit card schemes tied to Mastercard, the report said.
'Those betting against PSUs will likely be punished in this upswing.'
State Bank of India (SBI) has put on the backburner its plan to acquire a stake in Tata Motors Finance, following the Reserve Bank of India's (RBI's) objection.
IndusInd Bank was the top gainer in the Sensex pack, spurting over 8 per cent, followed by Axis Bank, ICIC Bank, Sun Pharma, SBI and Kotak Bank.
In his letter to President Droupadi Murmu, SCBA President Adish C Aggarwala urged her to seek presidential reference of the apex court judgement in the electoral bonds scheme case.
SBI was slow in filing and following up on winding-up cases.
The bank said that it has retained interest rate on savings bank deposit at 3 per cent for customers with balances above Rs 100,000. Customers with SB balance up to Rs 100,000 will continue to get the rate of interest at 3.50 per cent despite cut in the repo rate by the RBI earlier this month.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
Standard Chartered's India strategy will focus on wealth management while credit card will remain core to its business though will avoid competition with the country's private banks, said a senior executive of the British lender. "Our focus on wealth management and affluent clients are central to our existence. "We are strong in these areas and we want to grow in these areas.
SBI is the third state-run lender to lower the lending rates after Indian Overseas Bank Tuesday and Bank of Maharashtra which also lowered their loan prices by 5 bps on loan tenors of one year and above, effective April 10.
HDFC Bank was the top loser in the Sensex pack, shedding over 3.5 per cent, followed by Bajaj Finance, L&T, HDFC, Bajaj Finserv, HDFC and Kotak Bank.
Bajaj Finance was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bharti Airtel, Sun Pharma, Reliance Industries and SBI. NSE Nifty advanced 184.60 points to 16,955.45.
Private life insurers experienced reasonable growth in the July-September quarter (second quarter, or Q2) of 2023-24 (FY24), and the October data is also encouraging. The individual weighted received premium (WRP) for private players grew by 19.8 per cent year-on-year (Y-o-Y) in October. However, Life Insurance Corporation (LIC) of India had slower growth, pulling the industry growth rate down to 13 per cent Y-o-Y.
Jet has come under regulatory scrutiny twice this year.
Every employee on an average contributed Rs 650,000 to the bank's profit in the last fiscal.
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.
The new rates, effective Wednesday, is the third reduction by SBI in this financial year having cut the rates by 5 bps each in April and May, while its home loan rates has come down by 20 bps during this period.
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
Jet said a resolution plan that contemplates various options, including proportion of equity infusion by various stakeholders and the consequent change in the company's board, is being worked out.
Nestle India was the top laggard in the Sensex pack, shedding around 2 per cent, followed by SBI, HDFC Bank, Axis Bank, ICICI Bank, Reliance Industries, HUL and Dr Reddy's. NSE Nifty slipped 20.10 points to 15,670.25.
At its 58th annual convocation to be held on March 22, Bhattacharya will be conferred the prestigious Sir Jehangir Ghandy Medal for industrial and social peace.
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.
The 57-year-old Bhattacharya, front-runner for the post on account of years of service left, was managing director and chief financial officer of the bank prior to her elevation.
Talks of a merger between HDFC Bank and parent HDFC Ltd had gained steam nearly eight years ago, when the Reserve Bank of India allowed banks to issue long-term bonds to fund infrastructure and affordable housing. At that time, key executives at both entities denied any such proposal. And today, the merger has been officially announced by the two players.
An index value of 42 to 46 means moderate decline.
Vimla Patil always stressed the importance of proving wrong the perception that women were women's worst enemies. And it iss a lesson I carried forward with me all through my career, learning empathy, understanding and ways to help as I went along. Sathya Saran, who succeeded Mrs Patil as Femina's editor, pays homage to the well-known journalist who passed into the ages on September 29, 2024.
India Inc reported an uptick in revenue growth in the January-March quarter (Q4) of 2023-24 (FY24), but it came at the cost of a deceleration in earnings growth.
Global payment services major, Western Union, has tied-up with State Bank of India to enable international direct cash-to-account transfers.
Postings to places at an altitude above 1,000 metres but less than 1,500 metres, between 1,500 and 3,000 metres, and above 3,000 metres entail different rates of allowances -- the higher the location, the bigger the allowance, reveals Tamal Bandyopadhyay.
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'.
Defending the timing of Yes Bank's moratorium, Reserve Bank of India governor Shaktikanta Das on Friday assured swift resolution to the issues concerning the beleaguered lender. "The resolution (to Yes Bank) will be done very swiftly, it will be done very fast. 30 days which we have given is the outer limit. You will see a very swift action from RBI," Das told reportters in Mumbai.
SBI and other public sector banks have decided to lend Rs 4,000 crore to Patanjali Ayurved for the acquisition of Ruchi Soya, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code. The money lent by banks will help the PSBs to settle their exposure to Ruchi Soya with a haircut of 65 per cent. Banks led by SBI and others had earlier made claims of over Rs 12,146 crore against Ruchi Soya after the company failed to repay its loans.
Women employees of SBI can now take two-year sabbatical leave from work for purposes like children's education.
The SBI report, however, said the economic growth rate will pick up pace in 2020-21 to 6.2 per cent.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
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.
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