Why are investors gung-ho about State Bank? asks Tamal Bandyopadhyay.
After a sequential fall in November, due to high base and waning of the festival season effect, credit card spends have picked up again in December, recording over Rs 1 trillion for the 10th consecutive month. Latest figures released by the Reserve Bank of India (RBI) show that credit card spends in December 2022 touched Rs 1.26 trillion, up 10.21 per cent compared to November. And, on a year-on-year (YoY) basis, spends were up 34.31 per cent during this period.
The domestic benchmark indices - the S&P BSE Sensex and the National Stock Exchange Nifty50 - had lost close to 1.5 per cent in three days recently before gaining slightly. Notwithstanding weakness and volatility, the Nifty50 has managed to hold on to the 18,000 mark, while the Sensex has managed to stay above the 61,000 level. The performance of the stocks that comprise these front-line indices remains polarised.
The opposition leaders are expected to meet at Leader of Opposition in Rajya Sabha Mallikarjun Kharge's office in the Parliament complex around 10 am, sources said.
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 on Tuesday ruled out physical merger of its associate banks with itself in the near future but said "virtual merger" of the entities was on.
In a breather to the troubled edtech company, the steering committee of lenders has agreed to amend a $1.2 billion term loan with Byju's by August 3, 2023, the lenders announced on Monday. Successful execution of the amendment would "immediately" solve the loan's acceleration and end all open litigation while avoiding further enforcement actions, they in a statement. An e-mail sent to Byju's did not elicit a response.
The transmission of the last cash reserve ratio cut has also not happened fully because that came in March.
SBI Cards, the second largest issuer of credit cards, has topped the list of complaints from credit cardholders, with the banking ombudsman receiving 2,654 complaints against it. ICICI Bank, the largest credit card issuer, with 1,451 complaints follows SBI Cards in the list.
The consortium might get about Rs 1,000.
The State Bank of India will have to pump in over $85 million if it wants to maintain majority stake in its subsidiary in Nigeria, Indo-Nigerian Bank Ltd in order to comply with the new diktats announced by the Central Bank of Nigeria.
NPAs, cost, fee income, productivity, HR reorientation are focus areas; schedules drawn for addressing all from weeks to a year.
The downtime will be over around 8 am on December 16.
It is speculated that 5-10 per cent of the PSU cash reserves of up to Rs 1,20,000 crore (Rs 1200 billion), will flow into the three PSU fund houses.
This is the fourth cut in term deposit rates by SBI since April and has brought the cumulative reduction to 150 basis points. The new rates will be applicable to fresh deposits and those that come up for renewal. Since December, deposit rates have come down by up to 300 basis points. In contrast, the benchmark prime lending rate has been cut by 150 basis points. SBI will review its lending rate by the end of the month.
State Bank of India is likely to show a credit growth of about 19 per cent for the current fiscal ending March 2005 on the back of buoyant economy.
SBI said the crisis in Grece would have little impact on the bank.
The Congress on Thursday questioned the decision of State Bank of India to give $1 billion loan to Adani group for the development of Carmichael coal mine during Prime Minister Narendra Modi's just concluded visit to Australia.
Among major Sensex shares, PowerGrid fell the most by 2.76 per cent. IndusInd Bank dropped 2.34 per cent, HUL by 2.23 per cent and NTPC by 2.04 per cent. ICICI Bank, HDFC Bank, HDFC, ITC, Infosys, L&T, Bajaj Finance, Kotak Bank, HCL Tech and Tech Mahindra were among the losers. On the other hand, Tata Motors rose the most by 2.94 per cent, followed by Titan which gained 1.26 per cent. Mahindra & Mahindra, SBI and TCS were also among gainers.
Bank had registered a standalone net profit of Rs 1,263 crore in the same period a year ago
Credit card spending has hit a record high of Rs 1.4 lakh crore in May, the latest data from Reserver Bank of India showed. The total spending or outstanding dues on credit cards, which remained rang-bound throughout the year in the previous fiscal, have been rising by 5 per cent month on month this year. Similarly, the number of cards in use has also jumped by more than 5 million since January and crossed 87.4 million in the reporting month, making this also an all-time high in May, according to the RBI data.
The bank's gross non-performing assets rose to 10.69 per cent of total advances at the end of June, against 9.97 per cent a year ago.
After due deliberations, the lenders have decided to seek resolution for Jet Airways under the bankruptcy code since only a conditional bid was received.
Maximum customer complaints were received against State Bank of India, ICICI Bank and HDFC Bank during 2010-11, said banking ombudsman of New Delhi region.
SBI Capital Markets Limited, the merchant banking arm of SBI, is eyeing the twin accounts of HPCL and BPCL for managing the divestment programmes of the 2 oil cos.
SBI shares were seen trading under pressure with a fall of nearly 2 per cent this afternoon, despite an overall uptrend in the market, while HDFC Bank shares gained by more than 3 per cent.
The bank, however, has ruled out cut in benchmark lending rate saying the bank is offering one of the lowest rates in the industry.
With the 50 bps rate cut now more banks are expected to reduce their base rate.
The government has raised Rs 5,000 crore from the money market, outside its scheduled borrowing programme for the first half of the current fiscal, to takeover the Reserve Bank's 59.73 per cent stake in State Bank of India (SBI) by the month-end.
State Bank of India is planning a joint venture with a reputed IT company in a bid to bring its technology level at par with the private and foreign banks.
One of the MDs, R Sridharan, is focusing on associates and subsidiaries. Another managing director, S K Bhattacharyya, who retired in October, 2010, was the chief credit risk officer.
Credit card spending dropped 11 per cent sequentially in November at Rs 1.15 trillion, but topped Rs 1 trillion for the ninth month straight, data from the Reserve Bank of India (RBI) showed as the festive season ends and consumption activity slows down. Year-on-year (YoY), spending was up 29 per cent. Card spends have consistently topped the Rs 1 trillion mark, led by the rising share of e-commerce transactions.
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