With rising credit demand, cleaner balance sheets, and renewed investor confidence, banks are positioned at the forefront of the market rally. From major players like ICICI and HDFC to broader policy shifts, there's much driving this momentum.
With rising credit demand, cleaner balance sheets, and renewed investor confidence, banks are positioned at the forefront of the market rally. From major players like ICICI and HDFC to broader policy shifts, there's much driving this momentum.
With rising credit demand, cleaner balance sheets, and renewed investor confidence, banks are positioned at the forefront of the market rally. From major players like ICICI and HDFC to broader policy shifts, there's much driving this momentum.
This is your chance to work with one of India's largest banks.
Tenants should primarily buy contents insurance. 'This covers personal belongings like electronics, furniture, clothes, and appliances against risks such as fire, theft, floods, and other natural calamities.
The change in stance to neutral from accommodative in the June monetary policy meeting does not necessarily signal that the Reserve Bank of India's (RBI's) rate setting body - monetary policy committee (MPC) - will go on a prolonged pause on rate cuts going forward, believe experts.
rediffGURU Jinal Mehta answers readers' financial planning and health insurance queries
The country's largest bank SBI on Thursday reported an 83 per cent jump in net profit at Rs 16,694.51 crore for the fourth quarter of 2022-23 fiscal on higher interest income and low provisioning. In the January-March quarter of 2021-22 financial year, State Bank of India's net profit on standalone basis was Rs 9,113.53 crore. During the March quarter of 2022-23 fiscal, the bank's interest income rose 31 per cent to Rs 92,951 crore, SBI said in a regulatory filing.
The combined market valuation of the top-ten most valued firms jumped by a whopping Rs 3,84,004.73 crore in the holiday-shortened last week, in-tandem with a smart rally in equities, with HDFC Bank and Bharti Airtel emerging as the biggest gainers. Last week, the BSE benchmark Sensex jumped 3,395.94 points or 4.51 per cent, and the NSE Nifty surged 1,023.1 points or 4.48 per cent.
The co-operative banking sector is well regulated, and a few cases of restrictions being imposed by the Reserve Bank of India (RBI) should not paint a negative picture of the entire sector, said Department of Economic Affairs (DEA) secretary Ajay Seth on Monday. "Co-operative banks in the country are generally quite robust, and the RBI takes regulatory action whenever issues arise.
Bank employees want a five day work week.
The Supreme Court on Thursday directed Jalan-Kalrock consortium, the new owners of the cash-strapped Jet Airways, to deposit Rs 150 crore in SBI's escrow account by January 31, saying failure to do so will mean that the consortium is not in compliance with the terms of the resolution plan for reviving the airline. The top court, meanwhile, also refused to allow the separate plea of the Jet Aircraft Maintenance Engineers Welfare Association seeking payment of provident fund and gratuity dues, observing if additional money is awarded, the resolution plan will become "unworkable". The consortium, as per the lawyers for the workmen, has to pay over Rs 200 crore towards dues on account of PF and gratuity.
The country's biggest bank SBI on Friday posted over two-fold jump in standalone net profit at Rs 16,884 crore for the first quarter of the current financial year, helped by decline in bad loans and improvement in interest income. State Bank of India (SBI) had reported a net profit of Rs 6,068 crore in the April-June quarter of 2022-23. The bank's total income increased to Rs 1,08,039 crore in the first quarter of 2023-24, as against Rs 74,989 crore in the same period a year ago, as per the regulatory filing.
'The US has agreed to negotiate with us a mutually beneficial bilateral trade agreement, which will go for reduction of tariffs on both sides so that our trade can grow.'
Public sector banks (PSBs) have proposed the Finance Ministry their plan to raise Rs 54,800 crore through Additional Tier-1 (AT-1) and Tier-2 bonds in the current financial year (FY25), 37 per cent more than the Rs 39,880 crore raised in FY24
Given the uncertain macroeconomic conditions, most brokerages have turned slightly cautious on the pace of growth in State Bank of India's (SBI's) earnings going ahead. While they don't see any significant risk arising for now, its sheer balance sheet size and systematic importance has nudged them to cut earnings estimates for fiscal year 2023-24 (FY24) and 2024-25 (FY25) up to 5 per cent. India's largest state-owned bank, on Thursday, reported standalone net profit of Rs 16,694.51 crore for Q4FY23.
Among Sensex firms, Eternal, Tata Motors, State Bank of India, Adani Ports, NTPC, IndusInd Bank, Bajaj Finance, Asian Paints, Axis Bank and Sun Pharma were the major losers. Bharti Airtel, Tata Steel, Mahindra & Mahindra, Hindustan Unilever, Nestle and Maruti were among the gainers.
Union Finance Minister Nirmala Sitharaman's call for making lending rates affordable may not resonate anytime soon as banks still struggle with margin compression, and await clues from the Reserve Bank of India (RBI) on liquidity and rate action. Hinting that any lending rate cut was some time away, State Bank of India (SBI) managing director Vinay M Tonse said there was still some aggression in the market regarding deposit pricing.
'However, to establish a quid pro quo, one can potentially see several things, like whether they got any benefits from the party that they gave money to. That is something that people (of India) will gauge. But to finally establish that there was money paid as consideration, it would require an investigation, a proper investigation, to be able to come up with such conclusions.'
Most analysts have downgraded the stock of SBI Cards and Payments (SBI Card) as the credit card issuer posted weak results during the December quarter (Q3) of financial year 2023-24 (FY24). The sub-par show, analysts said, was for the eighth straight quarter. With this, they have slashed their earnings estimates by as much as 20 per cent over FY24-26 amid near-term pressure points in the company's growth outlook.
ICICI Bank has cut its savings account deposit interest rate by 0.25 per cent, according to the lender's website. The second largest private sector bank's move comes days after larger rival HDFC Bank announced similar move amid a spate of cuts in deposit offerings following RBI's two back-to-back rate decreases.
Government unlikely to bring in an ordinance to address the developments arising out of the Supreme Court order.
The net financial savings of the household sector has moderated to 5.1% of GDP in FY23 from 7.6 per cent in FY20, as households shifted their savings to physical assets amid low interest rates during the pandemic, according to State Bank of India's (SBI) Research report.
The price hikes during Covid were more because of supply chain and logistics disruptions caused by the pandemic and the Ukraine war rather than firms increasing prices because of higher pricing power, a report by State Bank of India (SBI) said. "It is thus incorrect to infer that concentration power dictated pricing capacity of firms, thus resulting in unyielding core inflation," the report authored by Soumya Kanti Ghosh, group chief economic adviser, SBI, said. A recent research article by former Reserve Bank of India (RBI) deputy governor Viral Acharya had observed that persistence of core inflation in India is due to purchasing power of top-five corporate houses.
Arundhati Bhattacharya is a strong contender for chairperson post, after Pratip Chaudhuri retires in September.
The country's largest lender SBI on Saturday reported a 9.13 per cent rise in consolidated net profit to Rs 16,099.58 crore for the September quarter, weighed down by money it had to set aside for employees' impending wage and pension revisions. On a standalone basis, the State Bank of India (SBI) had a 8.03 per cent increase in the profit after tax for the reporting quarter at Rs 14,330 crore. However, the same was down 15.13 per cent compared to Rs 16,884 crore in the June quarter.
State Bank of India's earnings growth may turn lacklustre in the near-term, warn analysts. This, they said, could be due to margin compression and likely lower fee income over the next one year. "While the cost of deposits is repricing sharply across the system, there will be relatively lower yield expansion going ahead as most of the back-book has been repriced and there is a high competitive pressure on yields.
Equity mutual fund (MF) schemes were flush with cash at the start of this month, even as fresh investments shrank in February. As of February 28, equity schemes from the top 20 fund houses held 6.8 per cent of their portfolios in cash, up from 6.1 per cent in January and 5.9 per cent in December 2024, according to a report by Motilal Oswal Financial Services.
The changes in the domestic and global economy following the outbreak of the Covid-19 pandemic are altering the corporate profit league table in India. Reliance Industries (RIL), which topped the India Inc profit chart for more than a decade, lost out to State Bank of India (SBI) in the 2023-24 (FY24) April-June quarter (first quarter, or Q1). India's biggest lender reported a consolidated net profit (adjusted for exceptional gains and losses) of Rs 66,860 crore during the trailing 12-month (TTM) ended in June this year, ahead of RIL's TTM adjusted net profit of Rs 64,758 crore in the quarter.
rediffGURU Rohit Gupta, co-founder and COO of College Vidya, provides a list of competitive exams that can help you land a job in the public sector.
Lenders of bankrupt airline Jet Airways, led by the State Bank of India (SBI), on Thursday told the Supreme Court that successful bidder Jalan Kalrock Consortium (JKC) was "unwilling" to pay the dues and that the "liquidation" was the only option left. The bench led by Chief Justice of India (CJI) DY Chandrachud was hearing the SBI-led consortium plea against the NCLAT's March order upholding ownership transfer of the bankrupt airline to JKC.
Mining conglomerate Vedanta Limited has received approvals from the majority of its creditors for a proposed demerger of businesses, marking an important step in the company's plan to split into six independent listed companies. "I am happy to let all of you know that we have received the 52 per cent plus the additional percentage, which is required for us to reach 75 per cent. "We have crossed that threshold as well. Most of the lenders have approved it," a senior Vedanta executive said in a recent bondholder conference call.
The US Fed interest rate decision, trading activity of foreign investors and quarterly earnings from corporates would largely drive the momentum in the equity market this week, analysts said. Escalating tensions between India and Pakistan over the Pahalgam terror attack will also remain on investors' radar, they added.
Ask rediffGURU and PF expert Milind Vadjikar your insurance, stocks, mutual fund and personal finance-related questions.
Ace Indian cueist Sourav Kothari clinched the 2025 IBSF World Billiards title after an emphatic victory over multiple-time winner Pankaj Advani in the final in Carlow, Ireland.
The stock of State Bank of India (SBI) may re-rate soon, believe analysts, if the lender manages to safeguard its net interest margin (NIM) going ahead. This, along with controlled credit costs, should aid the outlook of the stock which has been underperforming the markets for some time now. "We believe delivery of growth on guided lines, sustenance of NIMs near current levels, and controlled asset quality parameters aiding controlled credit costs should lead to strong profitability and drive re-rating of the stock," said analysts at JM Financial.
SBI Life Insurance reported a weak performance in Q2FY25. The annual premium equivalent or APE grew 3 per cent year-on-year (Y-o-Y) to Rs 5,390 crore. For the first half of financial year 2025 (H1FY25), it grew 9 per cent Y-o-Y to Rs 9,030 crore.
If there is a decline in the number of Indian students pursuing higher studies in Canada due to the ongoing diplomatic tensions between the two countries, it may have implications for Indian banks operating in the North American country, senior bank officials said.
Commissions paid to mutual fund distributors (MFDs) increased by over 20 per cent for most large fund houses in 2023-24 (FY24), driven by a sharp market rally and strong inflows. The largest fund house, SBI Mutual Fund (MF), which now manages nearly Rs 10 trillion in assets, paid Rs 2,025 crore to its major distributors - 21 per cent higher than the Rs 1,675 crore payout in 2022-23 (FY23).
The per capita income of Indians as gleaned from income-tax filing is expected to increase from Rs 2 lakh in FY23 to Rs 14.9 lakh in FY47, coinciding with 100 years of the country's Independence, according to SBI Research. In dollar terms it will increase from about $2,500 in FY23 to $12,400 in FY47. Soumya Kanti Ghosh, group chief economic adviser, State Bank of India, said the weighted mean income was Rs 4.4 lakh in AY14. That rose to Rs 13 lakh in FY23.
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