State Bank of India News

SBI MF floats Nifty Bank Index Fund; Union MF launches short-duration fund

Union Mutual Fund (MF) on Friday announced the launch of a short duration fund, a debt MF offering which will invest in short-term debt instruments

SBI chief pitches for institution to track funds raised by small businesses

State Bank of India chairman CS Setty on Friday pitched for the creation of a market infrastructure institution to track the end-use of funds borrowed or raised as equity by small businesses. A "viable mechanism" is needed to ensure that the funds are used for the intended purposes, Setty said in remarks which come amid heightened concerns on the subject of end-use of funds. "We will require a viable mechanism to track the actual use of these funds to ensure that the funds are utilised for the purposes they have been raised for, probably through the establishment of a separate market infrastructure institution with powers to track the use of borrowed funds or the funds raised through equities," Setty said. Addressing a conference organised by the Sebi-promoted NISM here, Setty said the creation of such a platform will provide comfort to lenders as well as investors, and make pricing more competitive. It can be noted that the RBI has been pressing lenders to monitor end-use funds, .

SBI lowers India's FY25 GDP growth forecast to 6.3%, below NSO's 6.4%

Despite projected growth rates of 6 per cent in first half of FY25, with a pickup to 7 per cent in the second half, SBI flags weak private investment as a concern to economic growth

State Bank of India appoints Baldev Prakash as group chief risk officer

Earlier, Prakash was on deputation to Jammu and Kashmir Bank as managing director and chief executive officer, whose three-year term ended in December

SBI, BoB, BoI: How to trade PSU Bank stocks as index falls 20% from peak

The Nifty PSU Bank index has plunged over 20% in the last six months and now seen testing long-term support on the monthly chart. Will PSU Banks rebound or extend fall? Key levels to watch out for.

Govt appoints Ram Mohan Rao Amara as SBI MD for a period of three years

Rao was holding the post of deputy managing director and chief risk officer of the country's largest bank until his appointment as managing director

SBI seeks counter bids to sell Rs 52k cr of consortium's loans in JAL

NARCL's anchor bid has triggered a Swiss challenge auction

PSU bank stocks surge up to 39% in 2024; what does 2025 hold in store?

PSU bank stocks: The Nifty PSU Bank index has surged 24.08 per cent on the National Stock Exchange (NSE) thus far in CY24

SBI looks to sell Rs 2,732 cr of bad loans in ARSS Infrastructure Projects

Bank has invited expressions of interest from entities interested in submitting counter bids for the asset on full cash basis

RBI Policy Impact: Financials gain, PSU Bank index rises 2% on CRR cut

Uco Bank, Indian Overseas Bank, Central Bank of India, Bank of Baroda, Canara Bank and Union Bank were up in the range of 2 per cent to 2.5 per cent.

SBI stock trades at 4-month high; gains 14% in 2 weeks on strong outlook

SBI has demonstrated its strength in the last few quarters both on core operating performance and asset quality, while, management remains confident on growth, maintenance of margins and steady RoA.

SBI planning to open 500 new branches across India in FY25: MoS Finance

The State Bank of India (SBI) is planning to open 500 new branches across India during the current financial year, Parliament was informed on Monday. Of this, 135 new branches have already been opened till October 31, 2024, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. Currently, the endeavour of the government is to ensure availability of a banking outlet (bank branch/business correspondent/ India Post Payments Bank) within 5 kilometres of all inhabited villages in the country, he said. Availability of banking outlets is monitored by a Geographic Information System (GIS)-based app, namely, Jan Dhan Darshak (JDD) app, he said. To another question regarding shortage of staff in SBI, Chaudhary said, public sector banks (PSBs) including SBI are board governed commercial entities. The requirement of manpower in each PSB is determined by the respective PSB keeping in view various factors which include, inter-alia, business requirement, spread

SBI launches nation-wide drive for activation of inoperative accounts

State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation. A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years. Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement. SBI chairman C S Setty emphasised the need to drive Re-KYC exercise in letter and spirit, to maintain PMJDY accounts in active status and enabling customers to conduct transactions seamlessly. He urged upon Business Correspondents to harness the technology to bridge the gap and reach the last-mile customer, thereby enhancing customer experience.

We open 65,000 savings accounts a day, says SBI Chairman CS Setty

He says SBI is comfortable with liquidity with overall credit deposit ratio at a modest 68 per cent and the aim is to maintain incremental CD ratio at 100 per cent

State Bank of India to channel $1.5 billion in global book in 4 months

In rupee terms, SBI's gross advances in its international book grew by 11.56 per cent year-on-year (Y-o-Y) to Rs 5.88 trillion

BJP Maha win, global cues. Reasons Sensex rallied 1,300pts intraday Monday

The NSE Nifty topped the 24,300-level, and was up 350 points following BJP-led Mahayuti alliance landslide victory in Maharashtra elections. Index heavyweights SBI and RIL were the top gainers so far.

SBI launches low-cost tailored vehicle loan for Uber's fleet partners

The collaboration is aimed at supporting both new and existing Uber fleet partners, helping them expand their businesses

Nifty PSU Bank index slips 5%; PNB, BOB, Canara, SBI dip up to 7%

At 10:00 AM, the Nifty PSU Bank index, the top loser among sectoral indices, was down 4.7 per cent, as compared to the 0.92 per cent decline in the Nifty 50

State Bank of India plans to open 300-400 branches a year in medium term

SBI had 22,640 branches at the end of September 2024, up from 15,870 in March 2014

SBI seeks $1.25 bn in country's largest dollar-denominated loan of 2024

India's top lender is raising the facility for general corporate purposes through its branch at the Gujarat International Finance Tec-City