The top three mutual funds (MFs) paid out 10-18 per cent higher commissions to distributors during the financial year 2022-23 (FY23) compared to FY22 as a sustained rise in flows from the systematic investment plan (SIP) route boosted distributors' share in the assets under management (AUM), according to an analysis of the disclosures by the top three fund houses. State Bank of India (SBI) MF saw its commission payout go up 18 per cent year-on-year (YoY) to Rs 1,675 crore. The payouts rose 10 per cent and 15 per cent for ICICI Prudential MF and HDFC MF, respectively.
Insiders say some issues that demand immediate attention include improving asset quality and conservation of capital.
A senior SBI official dealing with the retail business confirmed the country's largest lender's decision.
State Bank of India, the country's largest lender, plans to hire 11,000 people in the current financial year as it expands operations.
An index value of 42 to 46 means moderate decline.
NBFCs are facing the heat of a crisis at IL&FS, which defaulted on repayment of its commercial paper dues, leading to a contagion effect in the sector.
Bank will charge floating rates of interest from January.
Customers can meet in the Sapphire conference room, put away their valuables in the Topaz locker room and freshen up in the Opal dressing room.
The bank also announced that it will reduce its external benchmark linked lending rate as well as repo linked lending rate by 40 basis points from July 1.
Set to increase its base rate by 25 basis points
State Bank of India has received the permission from the Chinese Government to lend in the local currency -Yuan, a top official said on Thursday
SBI reduced interest rates for minor irrigation loans upto Rs 25 lakhs to eight per cent in the first one year and nine per cent in the second and third years. The existing rates in this category is 10.5 per cent-13,25 per cent.
SBI's home loans, which offer a lower interest rate in the initial years and rate increases in the later years, were termed teaser loans by the Reserve Bank of India.
From the appointed date, the authorised capital of the private sector bank would stand altered to Rs 5,000 crore and the number of equity shares at 2,400 crore having face value of Rs 2 each.
The need for a manufacturing policy, reining in food inflation and raising investment in the country were among key suggestions given by economists who met Finance Minister Nirmala Sitharaman and senior ministry officials in the first round of pre-Budget consultations on Friday.
The State Bank of India, the country's largest bank, has had to shut down its corporate website after overseas hackers tried to break in.
On the day P Chidambaram took charge as the Union finance minister, the country's largest lender, State Bank of India (SBI), brought interest rate relief to its new home and automobile loan customers.
Lenders had asked the management to come up with a revival plan and $1 billion capital infusion.
Shares of state-owned bank stocks were under pressure on Monday due to muted deposit and credit growth numbers reported by these lenders in the October-December quarter (Q3) of 2024-25 (FY25). The Nifty PSU Bank index was down 4 per cent, with Union Bank of India emerging as the biggest loser as its shares fell 7.5 per cent to close at Rs 114.7, followed by a 5.7 per cent drop in shares of Bank of Baroda (BoB) to Rs 228 and a 4.7 per cent slide in shares of Bank of India to Rs 99.8 on the National Stock Exchange.
Banks say they themselves red-flagged the transactions to RBI. It must be noted that these transactions are not outright evidence of fraud or proof of nefarious activities.
Leaders from around the world extended their greetings to India on its 76th Republic Day, emphasizing the importance of bilateral relations and expressing hope for a stronger future. The Indian diaspora across the globe celebrated the occasion with enthusiasm at Indian missions abroad, where the national tri-colour was unfurled, accompanied by cultural performances and patriotic fervour. The celebrations highlighted the strong bonds of friendship and cooperation between India and its global partners.
From the 30-share Sensex pack, Infosys, ICICI Bank, Kotak Mahindra Bank, Mahindra & Mahindra, State Bank of India, HCL Technologies, Axis Bank, NTPC and HDFC Bank were among the laggards. In contrast, Maruti, IndusInd Bank, Adani Ports, ITC and UltraTech Cement defied broader market trends and ended in positive territory.
The Indian financial and payments systems remained largely unaffected by the Microsoft services outage, though about 10 banks and NBFCs faced minor disruptions which have either been resolved or are being fixed.
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.
The country's largest lender State Bank of India has seen a perceptible increase in the number transactions happening at its multiple digital channels, with the percentage moving from 60 per cent in the pre-pandemic period to 67 per cent currently, chairman Dinesh Khara said. The rise in the number of digital transactions at the bank was largely driven by pick up in e-commerce during the pandemic-induced lockdown, which restricted movement, he said.
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.
SBI got Rs 1.93 lakh cr in cash deposits from November 10-25.
This cashless transaction is a part of corporate debt restructuring agreed by banks and the airline company.
At issue size of Rs 10,355 cr, the offering will be Asia's biggest this year and fifth-largest domestically.
A consortium of lenders led by State Bank of India (SBI) has agreed to provide loans to Tata Group for the smooth operations of loss-making Air India. Tata Group, which won the bid to acquire the national carrier along with Air India Express and 50 per cent stake in AISATS in October last year, is expected to formally takeover the airline on Thursday. Sources said the SBI-led consortium has agreed to grant both term loans and working capital loans depending on the airline's requirements. All large lenders, including Punjab National Bank, Bank of Baroda, and Union Bank of India, are part of the consortium, they added.
SBI has hired six global giants -- Citigroup, UBS, Barclays Bank, Deutsche Bank, Bank of America Merrill Lynch and JP Morgan -- for the sale of dollar-denominated bonds, they added.
SBI Life Insurance is a joint venture between SBI and BNP Paribas Cardif.
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.
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 partnered GE Capital in 1998 for its credit card business.
