Every employee on an average contributed Rs 650,000 to the bank's profit in the last fiscal.
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
SBI Life, ICICI Pru have seen their valuations increase by 33 per cent and 35 per cent recently. SBI Life Insurance has seen its valuation soar after just 3 months while ICICI Prudential's valuation has increased in just 5 months.
Eminent economist and Nobel laureate Amartya Sen on Monday described the electoral bonds scheme as a scandal and welcomed the Supreme Court's recent judgment annulling it.
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.
The country's gross domestic product (GDP) is likely to grow more than 9.5 per cent in fiscal 2021-22, an SBI research report-Ecowrap said. The economy grew at 8.4 per cent in the second quarter of the current fiscal, according to data released by the National Statistical Office (NSO) on Tuesday. The growth in the April-June quarter of this fiscal stood at 20.1 per cent. In October's monetary policy review, the Reserve Bank of India had retained its projection for real GDP growth at 9.5 per cent in 2021-22, consisting of 7.9 per cent in Q2; 6.8 per cent in Q3; and 6.1 per cent in Q4 of 2021-22.
Income velocity based on currency with the public went down from 0.93 in October to 0.84 in March says a report from SBI's economic research department
The company, which is the country's second largest credit card issuer and promoted by State Bank of India and GE Capital, aims to acquire 3,000 customers via online mode by December this year.
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.
SBI offers reward points for various types of banking transactions.
The Congress on Friday alleged that the electoral bonds data has exposed 'corrupt tactics' of the Bharatiya Janata Party such as quid pro quo, seeking donations for the company's protection, kickbacks and money laundering through shell companies.
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
Within hours of RBI slashing the Cash Reserve Ratio (CRR) by 0.25 per cent, State Bank (SBI) on Tuesday hinted at a likely reduction in lending rates soon.
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.
SBI has been reeling under a mountain of bad loans for the past few years as the key sectors in the economy are faltering.
HR audit, Strategic Training Unit, leadership development - SBI is doing all that it takes to be an employer of choice.
In its quarterly monetary policy review, RBI had last month retained the CRR at 4.75 per cent and reduced the statutory liquidity ratio -- the amount of deposits banks park in government bonds -- by 1 per cent to 23 per cent, effective August 11.
Insolvency appellate tribunal NCLAT on Tuesday upheld the resolution plan of grounded carrier Jet Airways and approved the transfer of its ownership to Jalan Kalrock Consortium. The NCLAT bench has directed the Jet Airways monitoring committee to complete the transfer of ownership within 90 days. Besides, it has also directed the lenders of Jet Airways to adjust the Rs 150 crore paid by the consortium as performance bank guarantee.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
The State Bank of India on Friday launched a defence salary package for the Indian Air Force with an array of concessional services such as zero balance accounts, interest rate concessions on loans, preferential allotment of lockers and free mobile banking.
The mutual fund (MF) gross inflows through the systematic investment plan (SIP) route topped the Rs 20,000 crore mark for the first time in a calendar month as investors opened a record 6.4 million SIP accounts despite a spike in market volatility. The number of accounts opened last month was almost 50 per cent higher than the registrations seen in March. "India's MF industry has reached yet another milestone with the SIP book crossing above Rs 20,000 crore in April 2024.
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.
According to the annual report of SBI, overall staff strength declined by 7,452 employees during the last fiscal.
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).
Paytm app users will continue to use all services like mobile and DTH recharges except for Paytm Payments Bank's offerings including wallet funds, Fastag and bank accounts, according to the company hit by RBI restrictions. Paytm Payments Bank users will not be able to add any funds to their wallet and bank accounts but will be able to use the balance until it is exhausted, according to the RBI order. "The RBI has issued a directive restricting Paytm Payments Bank account/wallet from accepting new deposits or allowing credit transactions after March 15, 2024.
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.
'SBI Exclusif' and 'SBI InCube' were rolled out in Bengaluru.
The National Payments Corporation of India on Thursday granted approval to Paytm-owner One97 Communications Ltd to participate in UPI as a Third-Party Application Provider (TPAP) under the multi-bank model. Axis Bank, HDFC Bank, State Bank of India, and YES Bank will act as Payment System Provider (PSP) banks to Paytm.
SBI Chairman Pratip Chaudhuri told reporters in New Delhi on Thursday the Kingfisher Airlines (KFA) account had turned into a non-performing asset (NPA). "The account became an NPA on December 31, 2011. They are in default," Chaudhuri said.
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.
The chairman of India's largest bank on why he would like to forget the first six months of his stint and the steps he has taken to revitalise the institution.
SBI managing director PK Gupta told reporters that the rupee has been faring better than many of its peers, including the Turkish, Argentinean, and Indonesian currencies.
The key assets put on the block include its entire stake in Reliance General Insurance Company, the third-largest private sector insurer, and a 49 per cent stake in Reliance Nippon Life Insurance, a joint venture with Nippon Life, which is among the top five private-sector insurance companies.
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.
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.
SBI Life Insurance on Monday launched keyman insurance policy to provide cover to key members of a company who are major contributors to growth and profits and whose absence may affect the business.
