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 Yes Bank Reconstruction Scheme 2020, shall come into force on March 13, the gazette notification said.
SBI was the biggest loser in the Sensex pack, tumbling 3.29 per cent, followed by Tata Steel, ICICI Bank and Maruti, which shed up to 2.76 per cent.
While a total of 4,987 officers would be recruited for associate banks of SBI, as many as 206 officers would be hired for State Bank of India itself.
Realty, Capital goods, Bankex among key draggers; HDFC and Sun Pharma bucks trend.
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.
The various associate banks for which SBI is looking to recruit the staff include State Bank of Bikaner and Jaipur, State Bank of hyderabad, State Bank of Mysore, State Bank of Indore, State Bank of Patiala and State Bank of Travancore. There are more than 1,000 vacancies each with State Bank of Hyderabad, State Bank of Patiala and State Bank of Travancore.
Ahead of the Karnataka assembly elections, the government on Friday approved the issuance of the 26th tranche of electoral bonds that will open for sale on April 3.
Equity benchmark Sensex tumbled over 273 points on Tuesday, tracking losses in index majors Reliance Industries, Dr Reddy's and Axis Bank amid a massive selloff in Chinese markets. Despite opening on a positive note, the 30-share BSE index turned red to end 273.51 points or 0.52 per cent lower at 52,578.76, while the broader NSE Nifty fell 78 points or 0.49 per cent to 15,746.45. Dr Reddy's was the top loser in the Sensex pack, plunging over 10 per cent, after the company reported s 36 per cent decline in consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021, on account of higher expenses.
Sixteen merchant banks are in the fray to act as book running lead managers (BRLM) for the initial public offering of Life Insurance Corporation of India (LIC). These merchant banks will have to make a presentation before the Department of Investment and Public Asset Management (DIPAM) on August 24-25. The shortlisted banks are BNP Paribas, Citigroup Global Markets India, BofA Securities, Goldman Sachs (India) Securities, HSBC Securities and Capital Markets(India), J.P. Morgan India, Nomura Financial Advisory and Securities (India), Axis Capital, DAM Capital Advisors, HDFC Bank, ICICI Securities, IIFL Securities, JM Financial, Kotak Mahindra Capital, SBI Capital Market, and Yes Securities India.
Among Sensex stocks, Wipro gained the most by 3.29 per cent. Ultratech Cement, Reliance Industries, Hindustan Unilever, Nestle, NTPC, M&M, HDFC Bank, ITC, Kotak Bank and Axis Bank were among the winners. On the other hand, HCL Tech fell the most by 1.24 per cent. SBI, TCS, Infosys, IndusInd Bank and Tata Steel also dropped.
Delays in crucial PSU appointments a reflection of poor governance and political vested interests
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.
The government's holding in the bank will not decline below 58 per cent pursuant to the QIP.
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.
Shifting to floating rate deposits can work as an anaesthetic gel for some customers, points out Tamal Bandyopadhyay.
The transmission of the last cash reserve ratio cut has also not happened fully because that came in March.
They also warned that banks will start reporting higher non-performing assets after September, once the six-month moratorium on loan repayment ends.
The SBI chief said the bank was comfortable on the liquidity front.
Domestic investors were also concerned about possible stagflation in India due to low growth and high inflation in wake of recently released government data. IndusInd Bank was the top loser in the Sensex pack, dropping 5.44 per cent. Infosys, SBI, PowerGrid, Tech Mahindra, Bharti Airtel and HDFC Bank too fell up to 1.21 per cent.
Just ahead of its mega FPO opening to public investors, Vodafone Idea (VIL) has announced closure of its anchor book allocation, raising about Rs 5,400 crore from marquee global as well as domestic investors, according to a statutory filing by the telco. This could be the third-largest anchor book after One 97 Communications and Life Insurance Corporation (LIC). One 97 Communications and LIC had raised Rs 8,235 crore and Rs 5,627 crore in the anchor round, respectively.
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 lender, however, is not likely to reduce its base rate to which all loan rates are linked.
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.
The airline is operating just 6-7 planes, with almost its entire fleet being grounded due to non-payment of rentals to lessors amid severe paucity of cash.
The interest money which is not claimed by people due to religious obligations is kept in suspended bank accounts.
Finance Minister Nirmala Sitharaman on Friday assured cash-starved Yes Bank depositors that their money is safe and the RBI is working on an early resolution of the issue. "I'm in continuous interaction with the Reserve Bank of India (RBI). The central bank is fully seized of the matter and has assured they will give a quick resolution. I want to assure every depositor that their money shall be safe. Their monies are safe," Sitharaman told reporters in New Delhi.
State Bank of Saurashtra first to merge with SBI
To help reduce rental costs by 20 to 25 per cent within the next three years.
In addition, both will offer services jointly, subject to financial viability.
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.
Tamil Nadu-based Lakshmi Vilas Bank (LVB) with pre-independence lineage on Friday lost its identity after its merger with the Indian subsidiary of Singapore's DBS Bank. The debt-ridden 94-year old old bank's fate was sealed with Union Cabinet headed by Prime Minister Narendra Modi approving Scheme of Amalagamation on Wednesday.
IndusInd Bank was the top loser among Sensex stocks, dropping by 4.38 per cent. SBI declined 2.41 per cent, HDFC Bank 1.77 per cent and Axis Bank fell by 1.5 per cent. Among others, auto, FMCG and power stocks also closed in the red.
SBI Chairman A K Purwar on Friday made a fresh appeal to his striking employees to return to work, saying the government was 'closely examining' their demands and could take a 'review' shortly, but the plea was rejected by the staff.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
SBI, the country's largest lender, first announced a rate cut of 0.25 per cent in its home loan rates on Thursday, forcing HDFC, the second biggest home loan financier, to respond.
However, the likely impact of strike may not be much excluding few areas, said SBI.
